Time frame: 1 hour / 4 hours
Overall trend: Medium-term bullish, with a natural correction before continuing the upward trend.
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1️⃣ Current wave:
$ETH It seems that we are in the fifth ascending wave after the correction of wave (4) at levels 4,420–4,430.
The price movement is now heading towards completing the fifth wave of the larger upward trend, setting us up for strong targets.
2️⃣ Entry and exit zones:
Entry zone (ENTRY): 4,604.08 – An excellent buying area after the price rebounds from the strong support of wave (4).
Wave targets (TP):
TP1: 4,790.41 → A near target for the first ascending wave, reasonable to secure part of the profit.
TP2: 4,901.44 → Target for the completed fifth wave, represents the next natural resistance.
Stop loss (SL): 4,420.77 → Below the end point of wave (4), breaking it means the bullish scenario has failed.
3️⃣ Support and resistance:
Strong support: 4,420–4,430 (bottom of wave (4))
Medium resistance: 4,790 (TP1)
Major resistance: 4,900–4,920 (TP2)
4️⃣ Wave notes:
If the price maintains support at 4,604–4,620 and the upward momentum continues, wave (5) will confidently push the price to TP2 levels.
Any temporary correction below 4,650 is considered an opportunity to add additional buy positions within the range of the fifth wave.
The daily trading volume supports this scenario, with buyers dominating the market.
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⚡ Summary:
Trade: LONG
Entry strategy: at 4,604 with momentum tracking.
Targets: 4,790 then 4,901
Stop loss: 4,420
Wave assessment: Price $ETH is in a strong ascending wave, and the rebound from the current support provides a golden opportunity for excellent profits without significant risk.
