🚀 Ethereum at a Key Decision Point: Will Bulls Defend $4,120?
Ethereum (ETH) is currently trading around $4,300, following a WXY corrective Elliott Wave pattern on the shortterm chart. The recent pullback is unfolding inside a clear downward price channel, with Waves W and X complete, and Wave Y forming an ABC correction, likely nearing its end.
Key Support Zones:
$4,100–$4,120 — essential to hold to keep shortterm bullish momentum alive.
$3,370 — critical for maintaining the larger bullish pattern.
A close and decisive break below $4,120 would signal a broader Wave 4 correction.
Upside Targets if Bulls Hold:
First resistance near $4,760 (previous swing high)
Next target zone between $4,900 and $5,120
Liquidity & Heatmap Insights:
Significant liquidity cluster around $4,130 aligns with the 78.6% Fibonacci retracement, likely to be tested first.
Higher liquidity around $4,400–$4,450 could fuel the next breakout momentum.
So overall, ETH shows potential to bounce higher if $4,120 support holds. Watch for a confirmed break above $4,400 to confirm an upward wave.
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