A lot of you have been asking for an $ETH update, so let’s dive into the 4-hour and 1-day charts to see where we are headed. The technicals are screaming bullish after a major structural shift.
📉 Why did the dump happen?
To understand the recent price action, we have to look at the 1-Day chart. The previous "Motive Wave" completed its cycle near the $4,900 level, leading to a calculated correction.
The Culprit: A bearish motive sub-wave (highlighted in purple) drove the price down.
The Reversal: We saw a deep wick fill a significant Imbalance (IMB) at the $1,764 level. Once that liquidity was grabbed, the trend began to shift.
📈 The Bullish Breakout$ETH is currently transitioning back into a bullish Motive Wave. Here is the breakdown:
The Pattern: We are looking at a Triple Combo Pattern, which has officially been broken to the upside.
The Potential: Historically, this type of breakout can lead to a rally of up to 45%.
The Immediate Goal: $ETH needs to fill the overhead IMB, which points directly toward the $2,570 zone.
🔑 Key Takeaways
4-Hour Chart: Confirmations are lining up across Elliott Wave counts.
Support: The $1,764 floor proved to be the ultimate turning point.
Next Stop: $2,570 is the primary magnet for price.
Stay disciplined and keep an eye on those sub-waves! 💎
#ETH🔥🔥🔥🔥🔥🔥 #Ethereum #TechnicalAnalysis #cryptotrading #Elliottwave
