- Ethereum teeters on a breakout, but momentum remains uncertain as price consolidates within a symmetrical triangle.
- Key support at $2,503 must hold to sustain bullish momentum, with $3,031 as the breakout confirmation level.
- A push past $3,495 could trigger a rally toward $3,730, while failure risks a drop below $2,503.
Ethereum—still trying to catch its breath after a sharp pullback—is now hovering in a consolidation zone, right at the edge of what could be a decisive breakout from its long-standing descending structure.
But hold up. The momentum? Still a bit shaky. Price action remains confined within a smaller symmetrical triangle, adding to the uncertainty.
To get a clearer picture, we’ll tap into Elliott Wave theory and Fibonacci projections, analyzing both high and low time frames for potential next moves.
ETH Price Analysis: Signs of Recovery or Another Fakeout?
Ethereum’s daily chart tells a story of struggle. After reaching a March 11 high of $4,100, ETH has been in corrective mode—like a runner catching his breath after a sprint.
Elliott Wave analysis suggests the completion of a WXY correction, which bottomed at $2,150 on Feb. 3, before ETH began a slow, cautious climb.
One critical observation? The 0.382 Fibonacci retracement at $2,881 was tested on Feb. 4—and, for now, it stands firm as a resistance level.
Market Structure: Are We Stabilizing Yet?
ETH’s price action hints at an attempt to build support following the extended downtrend. The $2,700–$2,800 range has started to show signs of stability, acting as a potential accumulation zone.
One key bounce occurred at $2,503 (the 0.5 Fibonacci retracement level)—a zone that has historically seen strong demand.
Meanwhile, the Relative Strength Index (RSI) on the daily timeframe sits in neutral territory. Translation? There’s room for movement in either direction—bulls and bears are still playing tug-of-war.
The next big battle? $3,349 (0.236 Fibonacci retracement). A breakout above this level could set the stage for bullish momentum to regain control.
But if ETH fails to hold $2,700, brace for a deeper correction—first stop: $2,503, then $2,125.
ETH Price Prediction: Will the Rally Hold?
Ethereum escaped a descending channel on Jan. 31, sparking a brief rally to $3,430—before losing steam and pulling back.
Looking at the 1-hour chart, we might be witnessing the early stages of an Elliott Wave five-wave impulse pattern.
- Wave (i) wrapped up at $2,881 on Feb. 3
- Wave (ii) appears to be forming support around $2,700
- If momentum kicks in, wave (iii) could aim for $3,495, aligning with the 1.618 Fibonacci extension.
A sustained push could even see wave (v) reaching $3,730—right at the 2.0 Fibonacci extension level.
But What If ETH Slips?
Downside risks are very real. If ETH fails to hold $2,768 as support, the next step down is likely $2,503 (0.5 Fibonacci retracement)—and that could invalidate the bullish outlook altogether.
On the 1-hour RSI, there’s mild bullish divergence, hinting at an upside move. But nothing is set in stone—confirmation requires increased volume and a clean break above $2,881.
Bottom line? ETH has the potential for a short-term rally, but it all depends on holding those crucial support zones.
If wave (iii) unfolds as expected, a breakout above $3,031 should confirm the uptrend.
Key Levels to Watch
- Immediate Resistance: $3,031 (breakout confirmation)
- Key Resistance: $3,495 (1.618 Fibonacci extension)
- Major Resistance: $3,730 (2.0 Fibonacci extension)
- Immediate Support: $2,768 (wave ii retracement)
- Key Support: $2,503 (0.5 Fibonacci retracement)
- Critical Support: $2,125 (0.618 Fibonacci retracement)
- Short-Term Target for Wave (v): Above $3,730, if momentum holds
- Invalidation Zone: Below $2,503—bearish scenario activated.
Final Thoughts
Ethereum is at a tipping point. The price action suggests a bullish setup is brewing, but it needs confirmation. If key support levels hold and volume picks up, ETH could see a strong rally toward $3,495 and beyond.
But—if sellers step in and ETH dips below $2,503, brace for a deeper pullback.
For now, the market is watching. The breakout moment is near—will the bulls take charge, or will bears push ETH back down?
Time will tell.
