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Ethereum Nears Key Levels, Will $3,692 Break Spark a Bullish Rally?

Author: Content Editor
According to analyst MoreCryptoOnline, Ethereum (ETH) is at a critical juncture for potential upward momentum as it currently trades below $3,692. The price structure aligns with the Elliott Wave theory, with impulsive and corrective cycles. If pullbacks remain limited to three-wave structures, ETH could extend higher. A break below $3,338 may indicate the beginning of Wave (iv). The Elliott Wave pattern shows an uptrend in Wave (1), a corrective Wave (2), and a smaller sub-wave-driven Wave (3) that has pushed ETH to Fibonacci levels. The current corrective Wave (4) is retracing lower, testing key Fibonacci retracement levels, with $3,338 as a crucial support zone. The emerging Wave (5) aims to surpass prior highs with potential targets at $3,938. Sustaining support levels is crucial for reaching higher price zones, while a decisive break above $3,692 or below $3,338 will determine the next phase for ETH.

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