Ethereum’s price currently hovers around $2,850 after a recent dip, marking a 1% increase over the last 24 hours. However, in the past week, it has experienced a notable decline of 10%. Trading volume for Ethereum reached $23.8 billion in the past day. 3-Wave Structure Suggests Potential Bull Run
Analyst Merlijn The Trader has identified a recurring price pattern on Ethereum’s two-week chart. This structure comprises three phases: an impulsive rally followed by a corrective drop, culminating in a substantial breakout leg.
Ethereum’s current position suggests the second phase of this sequence, with the asset now poised for potential expansion.
ETHEREUM: THE PERFECT WAVE SETUP
Wave 1: Ignition
Wave 2: Correction (Current)
Wave 3: Expansion (Next)
Historically, this wave structure has played out three times before.
Each time, Ethereum witnessed a price surge. If the current pattern holds true, it could lead to an explosive move towards $9,000 in the near future.
Identifying Support and Potential Reversals
Traders are closely observing support levels for potential reversal trades. Lennaert Snyder highlights that Ethereum failed to stay above $2,880, triggering a short scenario. For long-term traders, the focus is on the $2,680 level and a possible sweep of $2,620. Additionally, he pointed to a daily demand zone at $2,570.
On-Chain Data Backs Up Support
Interestingly, this area aligns with