Ethereum’s Elliott Wave Counts Look Complete. Rally Time?
By Dr. Arnout Ter Schure | Published: Feb 25, 2026
Summary
The article discusses the current state of Ethereum (ETH) using Elliott Wave analysis combined with technical indicators. The author suggests that Ethereum has likely reached a bottom both in the short and long term, with a target price of approximately $2470.
Market Context
Ethereum has been in a protracted Bull Flag pattern since 2021. The price recently dropped to the $1800s but has maintained its long-term lower trend line. The monthly Relative Strength Index (RSI) remains below 30, indicating potential for upward movement. The article emphasizes that Ethereum has consolidated since 2021, suggesting a breakout could target prices above $6000.
Elliott Wave Analysis
The author presents a preferred Elliott Wave count indicating that the decline from Ethereum's August 2025 high can be viewed as a complete corrective pattern. The analysis shows a positive divergence in the daily RSI and MACD, suggesting that selling pressure is decreasing while buying momentum is increasing.
Key Levels and Future Outlook
The article identifies critical support levels for bulls at $1746, $1803, $1846, $1928, and $1995. A break above the $2150 level is necessary to confirm the bullish outlook and target the $2470 price point. The author notes that the market could either see a five-wave upward movement or a three-wave pattern, which would indicate a potential for one more lower low before a significant rally.
Conclusion
Overall, the analysis presents a bullish outlook for Ethereum, contingent on maintaining above key support levels and breaking through resistance. The author encourages readers to consider these technical indicators when making trading decisions.