Ethereum is inching higher and is trading close to $2000 mark as we prepare to publish today’s update. The crypto bulls remain poised to push through $2400/2500 levels in the near term, before giving into bears and turning lower again.
Ethereum has been in a religious uptrend since $88.20 lows registered in March 2020. At a larger degree, the crypto seems to be in Wave ((5)) since $79 lows registered in December 2018. Within Wave ((5)), bulls are near to terminating Wave (3) close to $2400 mark.
As labeled on the daily chart here, the 3rd of (3) rd wave was extended, while Wave 4 found support right at the Fibonacci 0.382 retracement of Wave 3. As labeled on the chart view here, potential Wave 4 terminated around $1300, close to Fibonacci 0.382 levels.
If the above structure holds well, Ethereum should be heading towards $2400 mark as Wave 5 of (3) progresses further. Bulls have already managed to print close to $2000 mark and it is just a matter of time that they are able to push through further highs.
Once Wave (3) terminates around $2400 levels, Ethereum can be expected to produce a corrective Wave (4) that might find support around $1300/50 levels respectively going further. If correct, we can expect another high above $2400 thereafter.
Ethereum remains a good candidate to be bought on dips through $2400/2500 levels in the near term. Immediate price support comes in around $1500 mark; while resistance is just above $2000 levels respectively.
Finacademy Technical Team
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