Ethereum's Path to Potential New Highs? Elliott Wave Insight
This chart of ETH/USD is a deep dive into the Elliott Wave structure with Fibonacci levels, projecting possible zones for Ethereum's next big moves. Here’s the breakdown:
1️⃣ **Current Wave Structure**: Ethereum appears to be in a complex corrective phase, following a large impulsive wave. We're eyeing the potential completion of Wave 4, setting the stage for a massive Wave 5 breakout.
2️⃣ **Key Resistance Levels**: Fibonacci retracement points reveal a significant resistance near **$4,458** (38.2%) and a long-term target at **$11,083** (61.8% extension). Could this be Ethereum’s road to five digits?
3️⃣ **Channel Analysis**: The price remains within an ascending channel, indicating a strong uptrend with key support near **$2,315** (23.6% retracement). Watch for any pullback to this level as a potential buy zone!
4️⃣ **Elliott Wave Target**: The projected path hints at an upward trajectory towards **Wave 5** before a potential correction. Could Ethereum break out of the channel and reach new highs?
💭 **Your Thoughts?** Will ETH hit new highs, or will we see a deeper correction before the next rally?
#Ethereum #ETH #Crypto #ElliottWave #TechnicalAnalysis #CryptoMarket #ETHUSD #TradingView #CryptoCommunity #CryptoAnalysis
1️⃣ **Current Wave Structure**: Ethereum appears to be in a complex corrective phase, following a large impulsive wave. We're eyeing the potential completion of Wave 4, setting the stage for a massive Wave 5 breakout.
2️⃣ **Key Resistance Levels**: Fibonacci retracement points reveal a significant resistance near **$4,458** (38.2%) and a long-term target at **$11,083** (61.8% extension). Could this be Ethereum’s road to five digits?
3️⃣ **Channel Analysis**: The price remains within an ascending channel, indicating a strong uptrend with key support near **$2,315** (23.6% retracement). Watch for any pullback to this level as a potential buy zone!
4️⃣ **Elliott Wave Target**: The projected path hints at an upward trajectory towards **Wave 5** before a potential correction. Could Ethereum break out of the channel and reach new highs?
💭 **Your Thoughts?** Will ETH hit new highs, or will we see a deeper correction before the next rally?
#Ethereum #ETH #Crypto #ElliottWave #TechnicalAnalysis #CryptoMarket #ETHUSD #TradingView #CryptoCommunity #CryptoAnalysis
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