Ethereum (ETHUSDT) Update; Price Action & Elliott Wave AnalysisETHUSDT is currently trading inside a strong daily supply zone near the $4,000 level. This level has shown significant rejection in the past, as seen earlier this year. Using Elliott Wave Theory, ETH appears to be in an impulsive wave 3 on the daily timeframe.
Current Wave in Progress
we are currently in Wave 3 of the Elliott Wave structure.
A break above $4,096 could signal a continuation of Wave 3
By overlaying a ghost of the previous Elliott Wave, the current wave aligns well, and the projected Wave 5 target could extend to around $6,400.
Supply & Demand Zones
Supply Zone (Potential Rejection): $4,000โ$4,096
If ETH fails to break above, we may see Wave 4 retracing back to the nearest demand zone.
($3,152โ$3,018) RBD.
Possible Trade Setups:
Bullish Breakout Scenario:
Entry: $4,100 (Break above the supply zone and recent highs).
Stop Loss: $3,950 (Below supply zone).
Take Profit: $6,400 (Projected Wave 5 target).
Risk-Reward: ~1:6 (depending on execution).
Rejection Scenario (Wave 4 Pullback):
Entry: Around $3,152 (Demand zone).
Stop Loss: $3,000 (Below demand zone).
Take Profit 1: $4,096 (Re-test of supply zone).
Risk-Reward: ~1:3.
Take Profit 2: $6,400 (Projected Wave 5 target).
Risk-Reward: ~1:15.
"Be patient and wait for confirmation; the market rewards discipline, not impulsive actions."
"Always use a stop loss to manage risk."
"The market moves in cycles, and history often rhymes."
"Let profits run, but cut losses quickly." โ Jesse Livermore
Trade Safe!
โ ๏ธ Disclaimer
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and consult with a professional before trading. Trading involves risk, and past performance does not guarantee future results.