Ethereum Tests $3,500 Support With Potential to Rally Toward $4,800 if Key Levels Hold
Main Idea
Ethereum is testing the $3,500 support level, which is crucial for confirming a bullish breakout toward $4,800, with potential for further gains if key support holds.
Key Points
1. Ethereum's $3,500 support level is critical for gauging bullish or bearish momentum, with current trading around $3,553.87.
2. According to Elliott Wave theory, Ethereum is in Wave 2 of a five-wave impulse pattern, with Wave 3 potentially pushing prices beyond $4,800.
3. Key resistance lies between $3,800 and $4,000, while deeper support zones are at $2,800 to $2,600.
4. A breakout above $3,800 could validate the bullish trend, while failure to hold $3,500 may trigger a pullback toward $3,200 or lower.
5. Ethereum's wave structure suggests strong bullish potential, mirroring the 2023 cycle where Wave 3 was the strongest rally.
Description
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