Ethereum is trading at a critical point as analysts watch whether one final dip could complete its corrective structure. Short-term Elliott Wave analysis points to another possible low, while a larger weekly setup suggests ETH could target $7,000 if a new bullish cycle begins.
Ethereum May Need One More Dip Before Bullish Reversal, Analyst Says
Ethereum could face another short-term decline before a larger recovery move begins, according to the latest Elliott Wave analysis from More Crypto Online.
ETHUSD 1-Hour Chart. Source: More Crypto Online
The analyst suggests Ethereum may need to establish one more low before launching a bullish wave C advance. The current structure indicates that the corrective pattern is still unfolding, with price action remaining inside a key Fibonacci support zone.
According to the chart, Ethereum is trading near the middle of a support range between approximately $1,610 and $1,548. The analyst highlights the possibility of a final downward move into this area before buyers attempt to regain control.
Key Fibonacci levels include the 50% retracement at $1,609, the 61.8% retracement at $1,583, and the 78.6% retracement at $1,548. These levels could serve as potential support if the correction extends lower.
On the upside, Ethereum faces immediate resistance near $1,680–$1,740. A confirmed move above this zone would strengthen the case that wave C has begun and that the corrective phase is complete.
For now, the Elliott Wave count suggests patience may be required, as the market could still be searching for a final bottom before the next bullish leg develops.
Ethereum ABC Correction Nears Completion as Analyst Targets $7,000
Ethereum may be approaching the end of a multi-year corrective phase, according to crypto analyst Rod, who believes the asset is close to completing a large ABC flat correction that has been developing for nearly five years.
Ethereum / TetherUS Weekly Chart. Source: Rod (@Crypto_R0D), TradingView
The analysis suggests Ethereum is currently forming the final stages of wave C, the last leg of an ABC corrective structure. According to the chart, wave C is nearing a potential bottom, which could set the stage for a new bullish trend if the pattern completes as expected.
ABC flat corrections are Elliott Wave structures that typically consist of three major waves: A, B, and C. Once the final wave C concludes, the market often resumes the direction of the larger trend.
Rod argues that Ethereum's long-term correction may be ending near current levels around $1,650, with the next major move potentially targeting $7,000. The projected path on the chart shows a gradual recovery followed by a stronger bullish expansion through 2027 and 2028.
The analyst's outlook remains speculative and depends on Ethereum successfully establishing a long-term bottom. A break below key support levels could invalidate the current wave count and delay the expected bullish scenario.
