ETH Price Targets Pullback Before Next Rally

Ethereum's price has reached as high as $1,955 after a five-wave impulse move higher, according to an update from July 2. The Elliott Wave Principle (EWP) and Technical Analysis (TA) were used to predict the rally, which correctly identified the formation of an important low.

The previous call for higher prices was correct, and the potential for five waves higher was tracked for premium members. However, based on current price action, it is likely that Ethereum is in a short-term corrective pullback, with a target of $1,700+/-25. This would precede the next rally to approximately $2,450+/-50.

It's essential for the price to stay above the June low and avoid breaking below $1,643, which would allow for the next leg higher.