🟣 Ethereum Holds Key Support: Can the 38.2% Retracement Spark a Reversal?

🧭 Market Overview

Ethereum (ETH) is showing resilience despite the recent volatility across the crypto market.

After testing the 38.2% Fibonacci retracement level at $3,665, ETH has bounced and continues to hold within a critical support area — a sign that the broader market structure remains intact.

While the sector experienced some sudden collapses, especially on Binance and Coinbase charts, Ethereum’s structure remains stable. Even though some assets like SUI displayed exaggerated wicks on certain exchanges, $ETH never broke key technical levels — and neither did Bitcoin, Solana, or Chainlink.

This shows that the core market structure for the major assets is still solid despite fear-driven volatility.

💡 Wave Structure & Fibonacci Insights

Ethereum’s current position aligns well with an Elliott Wave iv correction, which often finds support around the 38.2% Fibonacci retracement.

Historically, 70–80% of Wave iv corrections reach this level before the next upward move.

ETH’s current behavior suggests that:

A potential low may already have formed on September 25th, followed by a 25% rally.

Despite external shocks, $ETH has not violated its Elliott structure.

The next few daily and weekly closes will be crucial to confirm whether this fourth-wave correction is complete.