The current price structure suggests that Ethereum is completing the final stages of a 5-wave impulsive advance, with the market now positioned in wave 5 of 5. Price action has reached the upper boundary of the ascending channel, coinciding with a key Fibonacci projection zone (green resistance area), which aligns with typical wave 5 termination points.
Given this confluence, the probability of a medium-to-long-term top forming here is elevated. Once wave 5 completes, a corrective phase is expected, potentially retracing towards the midline or lower boundary of the channel. The projected path (blue arrows) anticipates a significant decline, consistent with the completion of a full impulsive cycle.
Key Points:
• Structure: Impulse wave (5 of 5) nearing completion
• Confluence: Channel resistance + Fibonacci projection zone
• Outlook: High probability of reversal and corrective decline
• Targets: First support near $3,650, with deeper retracements possible toward $3,000–$2,800 if bearish momentum accelerates
This suggests caution for late long entries, as risk/reward now favors a corrective move.
Given this confluence, the probability of a medium-to-long-term top forming here is elevated. Once wave 5 completes, a corrective phase is expected, potentially retracing towards the midline or lower boundary of the channel. The projected path (blue arrows) anticipates a significant decline, consistent with the completion of a full impulsive cycle.
Key Points:
• Structure: Impulse wave (5 of 5) nearing completion
• Confluence: Channel resistance + Fibonacci projection zone
• Outlook: High probability of reversal and corrective decline
• Targets: First support near $3,650, with deeper retracements possible toward $3,000–$2,800 if bearish momentum accelerates
This suggests caution for late long entries, as risk/reward now favors a corrective move.
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🔎 Smart Money • Price Action • NeoWave • Multi-Timeframe Context
📩 Contact: @CryptoPilot_1 (Telegram)
📥 Telegram Chanell : @CryptoPilot_Trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📊 CryptoPilot – Advanced Technical Analysis for BTC & Altcoins
🔎 Smart Money • Price Action • NeoWave • Multi-Timeframe Context
📩 Contact: @CryptoPilot_1 (Telegram)
📥 Telegram Chanell : @CryptoPilot_Trading
🔎 Smart Money • Price Action • NeoWave • Multi-Timeframe Context
📩 Contact: @CryptoPilot_1 (Telegram)
📥 Telegram Chanell : @CryptoPilot_Trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.