Ethereum (ETH) Daily Market Update – Bullish Structure Still Intact
Market Overview:
Ethereum remains on a path of potential upside movement following a breakout above the April 22 resistance level. The price action suggests we are currently in an extended fifth wave within a broader ABC structure. The chart still indicates bullish continuation, despite consolidation and corrective dips.
Key Technical Insights:
Pattern in Progress: ETH is likely unfolding a 5-wave move from the April support zone. We're now in the final leg (wave 5) of this advance.
Correction Context: Any dips so far appear corrective (3-wave pullbacks), indicating strength remains.
Fibonacci Support: ETH is holding well within the standard support zone of $1,680 – $1,760.
Target Zones:
Immediate Resistance: $1,850 (minor structure)
Next Resistance: $1,872 (123.6% Fib extension)
Primary Wave 3 Target: $1,925 (138.2% Fib extension)
Trade Plan:
Entry #1 (Aggressive): $1,700 – $1,730 (buy-the-dip at fib support)
Entry #2 (Conservative): $1,680 (retest of breakout line from April 22)
Stop-Loss: Below $1,650 (break of key structural zone and invalidation of setup)
Target 1: $1,850
Target 2: $1,925
Target 3 (If extended): $2,050+
Strategy Note:
We're likely midway through wave 5 of a microstructure. A move above $1,850 would confirm strength, while any dips holding above $1,680 keep the bullish case alive. Post-wave-3 completion, expect a brief wave 4 pullback followed by a final push in wave 5.
Sentiment:
Cautiously Bullish – Watching for breakout confirmation or deeper wave 4 retrace.
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