Ethereum Targets $2,575-$2,755 as Bullish Elliott Wave Structure Holds

The Ethereum price has been following a bullish Elliott Wave structure since July 2, and recent analysis suggests that it is still on track to hit targets around $2,575-$2,755. According to FXStreet, which has been tracking the cryptocurrency's price action using the Elliott Wave Principle (EWP) and Technical Analysis (TA), Ethereum was expected to pull back to at least $1,700 before making a rally to approximately $2,450. However, instead of pulling back, the price dropped to $1,820 on August 1 but has since rebounded and is now trading around $2,420.

This development means that previous calls for higher prices were correct, and the analysis continues to track a potential five-wave advance higher within the green W-3. The key warning level for the bulls remains at $2,145, below which there's a >60% chance the current uptrend is over.

The long-term Elliott Wave count for Ethereum suggests that the larger 4th wave has completed and morphed into a complex bull flag pattern. If the five-wave advance materializes from the July 1 low, it would confirm an important low has been struck, with at least $6,250K as the next major target.