🟣 Ethereum ($ETH ) Market Update – August 6, 2025
Ethereum is currently in a corrective pullback phase, possibly completing a wave 4 structure.
🔹 Key Support Zone: ETH is holding above micro support around $3,360, but the current bounce is fragile and appears to be a 3-wave move, not a strong 5-wave impulse.
🔹 Wave Structure Outlook:
The move down since July 21 appears as a completed WXY correction.
A weak rally from the weekend low suggests a potential start of wave 5, but confirmation is lacking.
Immediate resistance levels to watch: $3,695 (recent swing high) and $3,740 (wave 1 high).
🔹 What’s Next?
If ETH breaks below $3,430, the bullish scenario weakens, and we may revisit broader support.
A clear 5-wave move up is needed for confirmation.
Trendline and support re-tests are still in play; a deeper wave 2 cannot be ruled out.
🎯 Target (if rally strengthens): $4,100 remains the next key upside objective.
🧠 Market remains fragile; stay cautious and watch price action near the critical levels.
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