Usman Salis
Ethereum's been stuck in a holding pattern since August, but that might be about to change. Right now, all eyes are on whether wave IV has actually finished and if we're about to see wave V kick off.
What the Chart Shows
Analyst More Crypto Online recently flagged something important: ETH's formed a flat correction and could be setting up a bullish 1–2 pattern that typically signals continuation.
ETH's trading around $4,307, sitting comfortably above the $4,061 support level (23.6% Fibonacci retracement). That's the first line of defense. If that breaks, we're looking at $3,665 and then $3,374 as the next safety nets. But here's where it gets interesting on the upside. The Fibonacci extensions are pointing to $5,233 and $5,815 as the next major resistance zones. Push through those, and suddenly $6,400–$6,900 comes into play. The Elliott Wave count suggests wave IV is done, and wave V is trying to launch. A clean breakout above August's highs would basically confirm the bulls are back in control.
Why This Actually Matters
Ethereum isn't just another crypto anymore. It's the infrastructure layer for DeFi, tokenization, NFTs - basically everything that makes crypto useful beyond speculation. Institutional money keeps flowing in, and staking has locked up massive amounts of supply. If Bitcoin stays stable, ETH typically leads the altcoin charge. That's the pattern we've seen play out repeatedly.
Keep it simple: if ETH stays above $4,000 and confirms that 1–2 setup, we're probably heading to $5,800 or higher. But if support fails? Then we're likely revisiting $3,600–$3,300 before any real rally can begin. The next few weeks will tell us whether the broader crypto market is ready for its next leg up or needs more time to digest.
Usman Salis
