Key Takeaways
- • Ethereum (ETH/USD) reached $2,804 on September 21 and fell to $2,323, breaking below the $2,427–$2,358 warning zone, according to Investing.com's Elliott Wave analysis.
- • The analysis argues a larger corrective Wave-ii has most likely begun, with a three-wave bounce ideally to $2,625 ±50 followed by a decline toward $2,150 ±100.
- • The author states the bull market is confirmed by five waves up from the July 1 low, with a long-term target of at least $6,250 and $9,000+ considered more likely.
- • Key levels cited: about $4,150 as the breakout confirmation and about $2,425 as a warning level if the breakout fails.
Summary
An Investing.com article applying Elliott Wave Principle analysis to Ethereum argues that the cryptocurrency's five-wave impulsive advance from its June low remains intact, but that a correction is now underway. Ethereum reached $2,804 on September 21 and bottomed at $2,323 on the day of the update, breaking below a previously flagged $2,427–$2,358 zone. The author concludes that a larger correction, labeled red Wave-ii, has most likely begun before the next bull run.
The analysis projects that the decline from the September 21 high comprised five waves forming the larger Wave W-a. The corrective Wave-ii is expected to be a zigzag, which the author expects to unfold as a three-wave bounce to an ideal $2,625 ±50, followed by a five-wave decline to an ideal $2,150 ±100. The author notes this target sits at the upper end of the ideal Wave-ii retracement zone of 50% to 76.4% of the prior Wave-i.
On a longer time horizon, the author states that the bull market is confirmed, as five waves are now complete from the July 1 low. Ethereum is described as having spent almost five years in a complex consolidation that evolved into a multi-year bull flag or triangle. The article cites monthly RSI moving back out of a "low risk buy zone" that previously marked cycle turns. The next major target is at least $6,250, though $9,000+ is described as more likely.
The article identifies two monthly levels as decision points: a close above roughly $4,150 would confirm the larger breakout, while a failure below roughly $2,425 would be a serious warning. The source is a technical analysis piece based on StockCharts.com chart work and does not include fund flow, regulatory, or institutional allocation data.
The analysis projects that the decline from the September 21 high comprised five waves forming the larger Wave W-a. The corrective Wave-ii is expected to be a zigzag, which the author expects to unfold as a three-wave bounce to an ideal $2,625 ±50, followed by a five-wave decline to an ideal $2,150 ±100. The author notes this target sits at the upper end of the ideal Wave-ii retracement zone of 50% to 76.4% of the prior Wave-i.
On a longer time horizon, the author states that the bull market is confirmed, as five waves are now complete from the July 1 low. Ethereum is described as having spent almost five years in a complex consolidation that evolved into a multi-year bull flag or triangle. The article cites monthly RSI moving back out of a "low risk buy zone" that previously marked cycle turns. The next major target is at least $6,250, though $9,000+ is described as more likely.
The article identifies two monthly levels as decision points: a close above roughly $4,150 would confirm the larger breakout, while a failure below roughly $2,425 would be a serious warning. The source is a technical analysis piece based on StockCharts.com chart work and does not include fund flow, regulatory, or institutional allocation data.
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