Ethereum’s price is hovering near a crucial zone closely watched by technical analysts. Short-term Elliott Wave analysis points to the possibility of another drop before the current correction phase is complete, while on the weekly chart, some observers believe a new bullish cycle could see targets as high as $7,000 if momentum picks up.
Is a final dip in sight for Ethereum?
According to the latest Elliott Wave analysis shared by More Crypto Online, Ethereum may face a final short-term downward move before a potential broader recovery emerges. The report suggests that a new upward C-wave could soon begin, but only after the price revisits lower support levels one more time.
The analysis notes that Ethereum might see one last retreat to a support area before its correction structure ends, and a move above the $1,680 to $1,740 range would offer a strong signal that the C-wave has kicked off.
The current technical formation shows that Ethereum’s correction is still in progress, with price action centered around a key Fibonacci support zone. On the chart, ETH sits in the middle of a support band that spans approximately $1,610 to $1,548. The analyst believes a final dip toward this zone is possible before buyers regain control.
Mini glossary: The Elliott Wave theory argues that market moves unfold in recurring wave patterns shaped by investor psychology. Fibonacci retracement levels highlight potential zones where price corrections may find support or resistance.
Key Fibonacci levels stand out, including the 50% retracement at $1,609, 61.8% at $1,583, and the deeper 78.6% support at $1,548. Should the correction gather pace, these zones could provide buying interest. On the upside, the first major resistance lies between $1,680 and $1,740. Sustained moves above this band would support a scenario where the correction has ended and a new rally is underway.
| Technical Level | Price | Potential Meaning |
|---|---|---|
| 50% Fibonacci | $1,609 | First support level |
| 61.8% Fibonacci | $1,583 | Stronger support area |
| 78.6% Fibonacci | $1,548 | Deeper support zone |
| Resistance band | $1,680 to $1,740 | Breakout could spark fresh rally |
Potential for a major recovery on the weekly chart
On a larger time frame, crypto market analyst Rod believes that Ethereum may be approaching the final stage of a wide-ranging ABC correction that has been developing for nearly five years. According to this outlook, ETH is now forming the concluding leg C of the structure.
Rod’s scenario suggests Ethereum is nearing a long-term bottom close to its current level around $1,650, and if this pattern completes, the next big move could target as high as $7,000.
Within the Elliott Wave framework, ABC corrections consist of three main components: A, B, and C. Completion of the C-wave is generally followed by a resumption of the primary long-term trend. Rod’s charts point toward a gradual recovery through 2027 and 2028, potentially culminating in a robust upward phase for Ethereum.
However, this interpretation is not yet confirmed. The analyst’s projection depends on Ethereum successfully holding a long-term bottom. Should ETH drop below key support levels, the current wave count would no longer hold, and the anticipated bullish scenario could be postponed.
