Ethereum’s bullish momentum intensified throughout the weekendwith the price climbing above $4,100. This steady recovery follows a strong rebound from the $3,500 region. after a crash earlier this month.
Investor sentiment, as shown by trading volume and flow on exchangeshas become optimistic amid the recovery. Now that Ethereum’s price action is starting to turn bullish again, a new technical analysis shared by crypto analyst Freedomby40 on social media platform
Wave number structure points to a continuation phase
Freedomby40’s analysis, based on the Elliott Wave structure, presents Ethereum as Currently positioned in an extended bullish streak that began to form in late 2022. Releasing the technical analysis on X, the analyst noted that Ethereum’s price action is looking good for a continuation.
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Its chart shows that the asset has just completed a correction phase and is entering a new impulse wave, with support established between $3,225 and $3,563 at the 0.5 and 0.382 Fibonacci retracement zones, respectively. The analyst sees this area as the ideal accumulation zone for the next stage, consistent with previous cycle structures seen in 2017 and 2021.
THE Elliott Wave Projection in his analysis it presents a multi-layered confluence of impulse waves extending up to the third degree. This shows that Ethereum is currently rolling out its fifth major momentum wave in a structure that dates back to mid-2022.
The internal structure of this wave sequence also reveals a moving C wave, which itself contains smaller sub-impulse waves. Within this C wave, Ethereum appears to be entering its own fifth sub-wave, known to be a decidedly bullish wave.
Based on this setup, the analyst outlined two potential target zones on the chart: a green zone representing the realistic price range for this wave cycle and a red zone representing the higher, more extended scenario that could push Ethereum’s market cap. at the trillion dollar level.
Fibonacci extensions predict targets of $9,000, $11,000 and $16,000
Freedomby40’s analysis identifies several price levels based on Fibonacci extensions of current price action. The first price target is $6,303, based on the 1.0 Fibonacci extension. This initial price target will see Ethereum price surpass its current all-time high, but it is the first of many.
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The next target, the 1.236 extension, is positioned around $9,013. These two price targets ($6,303 and $9,013) were described by the analyst as very realistic. Possible extensions lie at the 1.382 and 1.618 Fibonacci extension levels, corresponding to $11,210 and $16,077, respectively.
At the time of writing, Ethereum is trading at $4,160, up 5.2% in the last 24 hours. Freedomby40’s outlook joins a growing list of ultra-bullish Ethereum price predictions from institutional research firms and top analysts. Standard Chartered Bank recently raised its 2025 price target for Ethereum at $7,500, while projecting a potential long-term trajectory up to $25,000 by 2028.
Featured image from iStock, chart from Tradingview.com
