Ethereum Price Prediction: Ideal Target Revealed

Ethereum price has drifted to the red zone along with the majority of the top 10 coins. ETH is down by more than two percent and is trading slightly below the $3300 level at the time of writing. 

Long-Term Analysis: Approaching the End of the Cycle

Looking at Ethereum’s long-term chart, the market follows an Elliott Wave pattern, which helps analyze market sentiment. While the analysis remains somewhat subjective, Fibonacci levels and support areas add an element of objectivity. 

Ethereum is currently in an uptrend and may be nearing the completion of a larger cycle. After forming Waves 1, 2, 3, and 4 since the 2018 low, Ethereum could be nearing Wave 5, which signals a possible top for the trend. However, a higher high compared to the 2021 peak still needs to form.

Momentum Weakening: Signals of Exhaustion

Recent price action shows weaker momentum compared to earlier waves. Waves 1 and 3 saw aggressive price movement, but Wave 5 is showing signs of diminishing strength, which is typical for the end of a cycle. This could point to the final phase of the bull market, where tracking and trading Ethereum becomes increasingly difficult, and risk levels rise.

Corrective Phase: Watching Support Zones

Ethereum’s price is still within a corrective phase, with a potential Wave 2 forming in an ABC structure. As long as support levels between $2,470 and $3,167 hold, higher prices are still a possibility. The ideal target for this rally is $3,572.

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Bearish Shift: Key Support Breaks

However, if Ethereum’s price breaks below the $2,470 support zone, the outlook will turn bearish. For now, the market remains in a corrective phase, but a move above key resistance levels, especially between $3,415 and $3,648, will confirm if a more bullish trend is forming.

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