Ethereum (ETH) Market Update – Correction Still Unfolding
Ethereum is currently undergoing a corrective phase after a three-wave rally from the April lows. The price structure suggests an ABC correction, with the C-wave likely either completed or nearing completion.
Current Observations:
ETH bottomed around $2,384, but it’s unclear if this is the end of Wave A.
A B-wave bounce is either underway or expected soon, possibly followed by a C-wave decline.
Major resistance zone lies between $2,589 and $2,703 with key Fibonacci levels:
$2,589
$2,623
$2,673
$2,703
Trade Plan:
> Short Setup (if price hits resistance):
Entry: $2,650–$2,700 (within resistance zone)
Target 1: $2,410
Target 2: $2,272
Stop Loss: Above $2,715
> Alternative Long Setup (if deeper low is made):
Entry: $2,270–$2,320 (support zone)
Target 1: $2,589
Target 2: $2,673
Stop Loss: Below $2,250
Conclusion:
Ethereum remains in a corrective phase. Short-term upside possible, but caution is advised near resistance. Watch micro price action closely to confirm next direction.
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