Next Ethereum (ETH) Wave to $5,600? Price Wave Theory
Main Idea
Ethereum (ETH) may enter the third wave of its price cycle, potentially reaching $5,600, based on Elliott Wave Theory and Fibonacci projections.
Key Points
1. Ethereum broke out above $4,200, signaling a possible entry into the third wave of its price cycle, which is often the most aggressive phase.
2. The third wave could drive ETH toward $5,600, aligned with Fibonacci projections and technical indicators.
3. Key resistance levels include $4,300-$4,350, with a daily close above $4,600-$4,800 confirming further bullish momentum.
4. Support levels are at $4,000 and $3,650, with a break below potentially leading to a deeper retracement.
5. The 20-day EMA (~$3,647) remains strong, and volume indicators show ETH has moved into the overbought zone.
Description
Ethereum's wave-like structure can send it to new heights
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