Current Market Structure (as of July 2025):
Ethereum's price action appears to be following a classic Elliott Wave motive structure, with a likely impulse wave (1-2-3-4-5) forming since its major low in early 2023. Here's a quick breakdown of the current wave count:
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✅ Macro View (Higher Timeframe):
Wave 1 – ETH surged from the ~$1,000 lows (2023) to ~$2,000+
Wave 2 – A corrective pullback towards ~$1,500
Wave 3 – A strong rally (possibly ongoing), ETH recently touched above $3,800+, with short-term targets aiming for $4,500-$5,000
Wave 4 – Expected corrective dip (not confirmed yet)
Wave 5 – Potential final leg up targeting $6,000–$7,500, or even $10,000 as Fundstrat’s Tom Lee suggests.
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🌀 Short-Term View (If Wave 3 Is Still Active):
Subwaves (i)-(ii)-(iii)-(iv)-(v) within Wave 3 seem to be unfolding.
Wave (iii) might be near completion, so a small retracement for Wave (iv) may occur.
Strong support lies around $3,500–$3,600.
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⚠️ Key Levels to Watch:
Resistance: $4,000 → $4,300 → $4,800
Support: $3,500 → $3,200 → $2,900
If ETH breaks and holds above $4,300 with volume, Wave 5 acceleration could begin.
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🧠 Final Thoughts (My View):
Ethereum's price is currently aligning with Elliott Wave theory suggesting it’s in the latter phase of Wave 3 or early Wave 4. Corrections are healthy, and the bigger picture remains bullish unless price falls below $2,500. I’m watching for a final Wave 5 rally towards $6K+, especially if ETF momentum and ETH 2.0 developments keep fueling demand.
Would you like a visual chart of the Elliott Wave count on ETH?
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