Ethereum Bulls Eye $2,575-$2,755 Target as Price Continues to Soar

The Ethereum price has continued its upward trend, and analysts are now looking at it as an opportunity to reach new heights. According to Elliott Wave Principle (EWP) and Technical Analysis (TA), the cryptocurrency is most likely in a short-term corrective pullback to around $1,700 before resuming its rally.

Since our last update on July 2, Ethereum has been trading with a bullish structure, and it seems that this trend will continue. The price has already bottomed at $1,820 on August 1 and is now trading at around $2,420, indicating a strong momentum in the market.

Looking ahead, analysts are predicting a five-wave advance higher for Ethereum, with a potential target of around $2,575-$2,755. However, they also caution that if the price falls below $2,145, there is a >60% chance that the current uptrend will be over.

From a long-term perspective, analysts believe that the larger 4th wave has already completed and morphed into a complex, multi-year bull flag pattern. This means that Ethereum can continue to move impulsively towards its next major target of at least $6,250K.