Ethereum – Elliott Wave Analysis (Weekly Chart)
#Phase 1:
Impulse Wave (1–5) Completed
ETH completed a 5-wave impulsive structure from the 2022 lows to the 2024 top:
Wave (1) – Initial reversal from the bear market bottom
Wave (2) – Deep corrective pullback
Wave (3) – Strong expansion wave (typically the largest, as shown here)
Wave (4) – Sideways consolidation within the channel
Wave (5) – Final push into the upper resistance of the long-term channel
This 5-wave structure completed near the $4,093 region.
#Phase 2:
ABC Corrective Pattern Playing Out
After the 5-wave completion, ETH entered a large ABC correction:
(A) Wave
A sharp drop from the top, marking the start of correction.
(B) Wave
A lower-high retracement that couldn’t break above the multi-year channel resistance — classic sign of a corrective rally.
(C) Wave
This wave completed near the lower boundary of the long-term channel (shown on your chart), fulfilling the ABC structure.
#Phase 3:
New Cycle – Larger ABC Structure Forming
After completing the previous ABC cycle, ETH started a new higher-degree correction:
Wave A (up)
A strong rally to ~4,956 created the larger-degree Wave A.
Wave B (current)
Price is now declining in a steep Wave B structure.
Your highlighted grey demand zone ($1,800–$2,200) is the most likely B-wave target.
Notes Must Read
B-waves often break support briefly, creating a sentiment trap
#Phase 4:
Wave C – The Big Expansion (2026?)
After Wave B finishes inside $1,800–$2,200, ETH is likely to start a massive Wave C.
Wave C is typically:
Impulsive
Equal to Wave A or 1.618× Wave A
Target 🎯 $6,000 – $6,400 region
This matches the Elliott Wave rule where Wave C often extends strongly after a deep B-wave.
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