Overview
In a recent analysis by Dr. Arnout Ter Schure, Ethereum (ETH) has completed a five-wave rally reaching a peak of $1,955. The forecast suggests a short-term pullback to around $1,700 before a potential rally to approximately $2,450, contingent on the price remaining above the June low of $1,643.
Previous Analysis Confirmation
In an update from July 2, when Ethereum was trading around $1,700, the analysis utilized the Elliott Wave Principle (EWP) and Technical Analysis (TA) to predict a significant low formation. The analysis indicated that a break above $1,848 would signal bullish momentum, with a warning for bears if the price exceeded $1,777.
Three weeks later, Ethereum reached $1,955, confirming the previous bullish outlook and completing the five-wave impulse move higher.
Current Outlook
The current analysis indicates that Ethereum is likely undergoing a corrective pullback (labeled as wave W-ii) to ideally around $1,700, with a tolerance of +/- $25. Following this pullback, the expectation is for a rally towards $2,450, with the possibility of a final rally to around $2,050 before the next significant upward movement.
It is crucial for Ethereum to maintain its price above the June low of $1,643 to support the bullish outlook. A drop below this level would raise concerns for bullish traders.
Conclusion
The analysis by Dr. Ter Schure provides a detailed forecast for Ethereum, highlighting the importance of key price levels and the potential for future price movements based on Elliott Wave analysis. Investors are advised to monitor the price closely, particularly the support level at $1,643, as it will be critical for the continuation of the bullish trend.