The daily ETH chart illustrates a completed five-wave impulsive structure followed by an ongoing ABC corrective pattern.
ETHUSD in a symmetrical triangle | Credit: Nikola Lazic/TradingView
Key support levels include $3,209, aligning with the 0.5 Fibonacci retracement, and a deeper level at $3,004 (0.618 Fibonacci).
On the upside, immediate resistance lies at $3,666 (0.236 Fibonacci), with a critical barrier at $4,085—the yearly high.
The Relative Strength Index (RSI) remains neutral, neither overbought nor oversold, suggesting a continuation of the current consolidation phase.
The narrowing price action underscores the likelihood of an imminent breakout.
ETH Price Prediction
Zooming into the hourly chart, Ethereum shows early signs of bullish momentum.
The price has recently reclaimed $3,519.6, a critical support zone aligning with the 0.5 Fibonacci retracement.
If ETH sustains this level, a breakout from the triangle could set the stage for wave (iii) in a new five-wave impulsive pattern.
ETHUSD bullish scenario more likely | Credit: Nikola Lazic/TradingView
Upside targets include $3,868, corresponding to the 1.272 Fibonacci extension, and $4,022 (1.618 Fibonacci extension).
These levels align with Ethereum’s potential for upward continuation. However, failure to hold $3,519.6 could result in a pullback toward $3,305 (0.786 Fibonacci retracement).
The RSI on the hourly chart shows a nascent bullish divergence, reinforcing the potential for an upward breakout. Traders should watch for a decisive move above the $3,519 level to confirm bullish momentum.
Critical Zone: Breakout above $3,519 for bullish continuation.
Bearish Target: Failure to hold $3,519 could lead to $3,305.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
