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ETH’s breakout below the descending triangle hints at a bearish continuation. However, if the price keeps trading above the 0.5 Fibonacci level of $2,503, that will suggest a potential bottoming process. The current consolidation phase aligns with the Elliott Wave corrective structure, indicating that ETH may be preparing for the next impulsive move.
Additionally, price action shows that ETH is struggling to reclaim the descending resistance line, which could act as a barrier unless broken decisively. A break above $2,882 (0.382 Fibonacci retracement) would confirm bullish strength, potentially targeting $3,349 (0.236 Fibonacci retracement). Conversely, a failure to sustain above $2,503 could trigger further downside, with the RSI providing crucial momentum signals to watch for trend confirmation.
ETH Price Prediction
On the 15-minute chart, ETH appears to be in the early stages of a new five-wave impulsive structure. that may lead to a larger recovery. Wave (i) seems to have topped around $2,690, followed by a corrective Wave (ii) that may find support near the 0.5 Fibonacci retracement at $2,656. A successful hold above this level could propel ETH into Wave (iii), targeting the 1.618 Fibonacci extension at $2,987, with further potential toward $3,180 (2.272 extension).
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