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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