Ethereum Market Update – Zooming Out for the Bigger Picture (Daily Timeframe)
Ethereum continues its strong upward trend, showing one of the most impressive rallies in the current cycle. While caution remains key, we remain on the bullish side as long as support levels hold. Here's a breakdown of the current wave structure and trading strategy:
Current Structure:
Ethereum appears to be in a larger ABC corrective rally, with the C wave currently unfolding as an impulsive 5-wave move.
The rally has already reached the standard Fibonacci target of the C wave, between $2,329 – $2,775.
A wave 4 correction might be in progress now, which could be followed by a final wave 5 push.
Key Levels:
Wave 4 Fibonacci Support Zone: $2,111 – $2,304
Wave 5 Upside Target Zone: $2,594 – $2,775
Break of Support at $2,111 would suggest the top of wave A is in and signal the beginning of a B wave correction.
Trade Setup:
Entry Zone: $2,150 – $2,250 (during wave 4 retracement)
Target Zone: $2,600 – $2,750 (potential wave 5 top)
Stop Loss: Below $2,100 (invalidate wave 4 support and bullish structure)
Risk Note:
The structure is likely corrective and choppy, so be prepared for volatility. Momentum is still up, so there's no signal to short yet. We avoid calling tops prematurely and instead trail support zones to stay aligned with the trend.
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