Ethereum price could lose $86 in wave 5 as the chart points to $2,330 in the short-term setup.
Price action shows clear rejection near $2,477, which aligns with Fibonacci levels now acting as resistance.
Volume bars increased during each wave tur,n suggesting that sellers remain active and trend pressure stays strong.
Ethereum (ETH) is currently in wave 4 of its Elliott Wave structure on the 30-minute chart, according to analyst BigMike7. The analysis suggests the asset may still face another downward move toward the $2,330 range. Price action shows the potential for a -3.56% decline from the current $2,423 level.
Source: X
At 8:02 PM UTC on July 1, 2025, BigMike7 posted a detailed wave count chart using Coinbase data. He indicated that Ethereum is likely transitioning through the fourth wave and might soon enter wave 5. A projection points to an $86 loss per coin during this phase.
Wave Analysis Suggests One More Leg Down
The chart outlines an ABC correction pattern, followed by a five-wave structure. ETH’s current position is marked as wave (4) with an expected decline to wave (5). Fibonacci retracement levels from the prior swing high show rejection near the 0.382 level around $2,477.
Volume data indicates an increase during the start of wave (3), a pattern often seen during sharp moves. The projected drop of -3.56% equals roughly $86, targeting $2,330 in the short term. If completed, wave (5) would mark the end of this cycle before a potential reversal.
Ethereum's Relative Strength Index (RSI) is beginning to recover from oversold conditions. This signal, coupled with previous wave completions, may give traders insight into a possible bounce once wave (5) finalizes. However, current momentum remains bearish.
Support Zones and Resistance Levels
Volume profile data on the chart shows strong demand around the $2,380–$2,330 area. This range could act as a significant support if wave (5) materializes. Buyers previously entered near this level, suggesting a re-entry point may emerge.
Above, resistance stands near $2,485 and $2,477, aligned with prior Fibonacci levels. These zones previously triggered sell-offs and may do so again if prices bounce. Any reclaim above these levels may shift short-term sentiment to bullish.
The chart uses standard Elliott Wave labeling to suggest the corrective (ABC) cycle has ended and an impulsive move is unfolding. The final wave (5) drop may find strong support at or just above $2,300. If the price rebounds from this zone, new long entries may appear.
Is Ethereum Setting the Stage for a Deeper Trend Shift?
A pivotal question arises: Could Ethereum’s current wave count point to a broader reversal or continuation pattern after $2,330? Traders are closely monitoring if the anticipated wave (5) low will hold. A failure to bounce may lead to deeper downside pressure.
As of this report, ETH trades at $2,423.59, down -0.26% for the session. The 30-minute chart timeframe reflects short-term pressure and technical precision. Volume bars show increased activity during each wave transition, hinting at stronger market participation.
BigMike7’s chart gained 13.4K views shortly after posting. The market continues to react to these technical levels, with traders watching closely for follow-through. Price reaction at $2,330 may determine Ethereum's next major directional bias.
