Ethereum Price Sees Five-Wave Surge, But Pullback May Be Imminent

Ethereum's price has surged to as high as $1,955 in what appears to be a five-wave impulse move higher.

This development follows our July 2 update, when we identified the potential for an important low in ETH using the Elliott Wave Principle (EWP) and Technical Analysis (TA).

The weight of the evidence at that time pointed toward the formation of an important low, with price needing to break back above $1,848 to confirm this thesis.

Fast forward to three weeks later, and ETH has indeed broken out above our target, but our analysis suggests that a pullback is now likely before the next surge higher.

We anticipate a short-term corrective pullback to approximately $1,700 from where the next rally can start, potentially reaching prices as high as $2,450+/-50.