The initial breakout above it in 2021 led to an all-time high price of $4,877 in November of that year.
However, that was only a deviation (black circle), since ETH fell below the area afterward, confirming it as resistance.
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Afterward, the ETH price made three unsuccessful breakout attempts (red icons) before finally clearing the area in August 2025, and hitting a new all-time high of $4,957.
Momentum indicators echo this sentiment. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) reached their all-time high prices.
However, neither generated any bearish divergence nor declined below its bearish threshold of 50 and 0, respectively.
Therefore, Ethereum’s long-term prediction remains bullish, and the price is likely to continue increasing as long as it trades above the $3,950 horizontal support area.
Why is Ethereum Going up?
Ethereum’s wave count perfectly aligns with the bullish prediction from the weekly time frame.
Ethereum’s price currently finished a fourth-wave pullback, perfectly hitting the 0.382 Fibonacci retracement support level and the resistance trend line of its previous ascending parallel channel (black circle).
Wave four alternates with wave two, since the former was an irregular deep correction, while wave four is a regular shallow one.
If the count is accurate, wave five will lead to a new all-time high price of at least $5,652, hitting the 1.61 external Fibonacci retracement resistance.
Ethereum’s price will confirm this bullish trend if it break out from its diagonal resistance trend line, which has existed since the all-time high.
The Ethereum price has already shown bullish signs by reclaiming the $4,100 horizontal area and then the $4,250 one, confirming the breakdown is a deviation.
The Ethereum to Bitcoin chart is nearly a mirror image of the wave count for the USD chart, suggesting that another upward movement is likely to follow.
According to the count, Ethereum has completed wave four of a five-wave increase that started in April.
Like the ETH to USD chart, the ETH to BTC wave four ended at the 0.382 Fibonacci retracement support level of ₿0.035.
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.
