After an over 65% plunge that led to a breakdown from a two-year diagonal support, ETH reversed its trend and has gone parabolic since.
The price reclaimed the trend line, confirmed it as support (green icon), and has since created four successive bullish candlesticks.
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The Ethereum price is less than 20% from its cycle high today.
Despite the promising price action, the real bullish signal comes from momentum indicators. More specifically, the Relative Strength Index (RSI) crossed 50, and the Moving Average Convergence/Divergence (MACD) crossed 0.
The most likely region for a top is between $5,770 and $7,326, created by the 1.61 external Fibonacci retracements of the short- and long-term corrections.
Zooming in on the daily time frame shows that ETH is in wave three of the five-wave movement that makes up the rally, hence its parabolic shape.
The most likely target for the top of wave three is at $4,270, which will give it 1.61 times the length of wave one. The sub-wave count (black aligns with this possibility.
Afterward, the fifth and final wave will take the Ethereum price to a new all-time high.
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.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
