Ethereum is at a pivotal moment as two separate Elliott Wave analyses point to a potential final corrective low before a major bullish cycle begins. Short-term charts suggest ETH may still need one more dip into a key Fibonacci support zone, while a larger multi-year view projects a long-term target of $7,000.
Short-term outlook: Final dip before wave C?
According to the latest update from More Crypto Online, Ethereum’s 1-hour chart shows an incomplete corrective structure. Price is hovering inside a critical support range of $1,610–$1,548. The 50% retracement sits at $1,609, the 61.8% at $1,583, and the 78.6% at $1,548. The analyst believes a final push lower, possibly into this zone, could complete the correction and launch a bullish wave C.
Immediate resistance lies at $1,680–$1,740. A confirmed break above this area would strengthen the case that the corrective phase is over and a new uptrend has begun.
Long-term picture: ABC flat near its end
Crypto analyst Rod (@Crypto_R0D) presents a weekly chart showing Ethereum may be finishing a large ABC flat correction that has been developing for nearly five years. In this count, wave C is now approaching a potential bottom near $1,650. If the pattern completes, the next major impulse could target $7,000, with gradual recovery followed by a strong bullish expansion through 2027 and 2028.
Both scenarios hinge on Ethereum successfully establishing a long-term bottom. A break below key support would invalidate the current wave counts and delay the expected bullish trajectory.
