Ethereum Soars to $2,420 as Bulls Eye $2,575 Target

Ethereum's price has been on an upward trend since July, and according to analysts using the Elliott Wave Principle (EWP) and Technical Analysis (TA), it is likely to continue.

As of August 1, Ethereum bottomed at $1,820, but in just four weeks, its price has risen to around $2,420. This suggests that a corrective pullback occurred earlier, allowing the next rally to start at approximately $2,450.

The analysts have been bullish on Ethereum since July 2, and their previous calls for higher prices were correct. They continue to track the potential for five waves higher within the green W-3, with a target of around $2,575-$2,755, contingent on Ethereum staying above at least $2,145.

The ongoing bullish price action also suggests that the larger 4th wave is complete and has morphed into a complex, multi-year bull flag pattern. If this materializes, it would confirm that an important low has been struck and that at least $62,500 will be the next major target for Ethereum.