Ethereum Price Prediction: Elliott Wave Rally Keeps $2,755 Target in Focus

Author: Dr. Arnout Ter Schure

Published: August 21, 2026

Key Highlights

• Ethereum has experienced a significant rally from a low of $1,820 on August 1 to approximately $2,420.
• Maintaining a price above $2,145 is crucial for the bullish outlook, with a target zone of $2,575 to $2,755 in sight.
• A break below $2,145 could indicate a weakening of the bullish trend.
• The analysis suggests a larger multi-year bull flag pattern, indicating potential for a major long-term breakout.

Current Market Analysis

Since the last update on July 2, the analysis has remained bullish on Ethereum (ETHUSD) based on the Elliott Wave Principle (EWP) and Technical Analysis (TA). The price action has confirmed the expectation of a five-wave advance, with the recent low of $1,820 marking the beginning of a new rally.

Short-Term Outlook

The current price of Ethereum is around $2,420, indicating a third wave rally. The key support level to watch is $2,145, which serves as a warning level for bullish traders. If Ethereum can hold above this level, the path towards the target zone of $2,575 to $2,755 remains intact. Conversely, a drop below $2,145 would suggest a greater than 60% chance that the current uptrend may be over.

Long-Term Perspective

The analysis posits that the larger fourth wave has completed a complex multi-year bull flag pattern. This pattern has held its lower trend line, suggesting that Ethereum is poised for a significant breakout. If the anticipated five-wave advance materializes, it could confirm that a major low has been established, with future targets potentially reaching as high as $6,250.

Conclusion

The ongoing bullish momentum in Ethereum's price action, supported by technical patterns and wave analysis, indicates a strong potential for further gains. Investors should closely monitor the key support level of $2,145 to gauge the sustainability of the current bullish trend.