Ethereum Completes Five-Wave Impulse, Eyes Correction and Rally

Ethereum's price has reached as high as $1,955 after completing what appears to be a five-wave impulse move higher, according to an analysis using the Elliott Wave Principle (EWP) and Technical Analysis (TA).

This is based on the previous update from July 2, when Ethereum was trading at around $1,700. At that time, it was noted that 'the weight of the evidence points toward the formation of an important low … price needs to confirm this thesis by ultimately breaking back above … $1,848, with a serious warning for the Bears on a move above $1,777.'

Fast forward three weeks and Ethereum has indeed broken through those levels. However, the analysis suggests that this is just the beginning of the rally, with a target price of around $2,450+/-50.

But before that can happen, it's expected that Ethereum will undergo a short-term corrective pullback to approximately $1,700+/-25.