Broader Structure and Ending Diagonal:
Ethereum has been showing weaker price action compared to previous bull cycles. This is largely due to the development of an Ending Diagonal, a pattern that typically signals the final stages of a bullish cycle. The Ending Diagonal introduces overlapping wave structures, making it harder to track clean impulsive moves. Despite the complexity, the chart is beginning to provide a clearer roadmap as we progress through Wave 4 of Wave 4 in the broader cycle. Currently, In this Wave 4, Ethereum is consolidating within a triangle formation, which is characteristic of a prolonged correction phase. This is setting the stage for the final Wave 5 of Wave 4, which could push Ethereum toward $2,000.
Wave D Inside the Triangle: Ethereum is now in Wave D of the triangle, which, like the other triangle waves, is a three-wave corrective structure. We are currently within Wave C of Wave D, and specifically within Wave 4 of Wave C. Wave 4 of C has reached important support levels, and we have drawn Fibonacci retracement levels to identify key zones where Ethereum might find support and continue higher for the final leg of Wave 5 within Wave C. The key Fibonacci levels to monitor for this Wave 4 of C include: 0.236 retracement at $2,519, which could serve as the first line of support. 0.382 retracement at $2,497, a significant secondary level. 0.5 retracement at $2,455, representing a stronger support zone that could mark the end of this corrective phase. These levels are essential because Ethereum is expected to react strongly at one of these Fib supports before continuing to Wave 5 of Wave C and completing Wave D. Expectations After Wave D: Once Wave D concludes, we will likely enter Wave E, the final corrective wave of the triangle. This wave should bring Ethereum lower, possibly testing the $2,250 to $2,350 region. Wave E often represents the last consolidation before a significant breakout occurs -wave 5 of wave 4- which could take the price toaround $2000!
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