Ethereum's Correction May Not Be Over

An Ethereum price rebound may not be as strong as it seems, according to an analyst from More Crypto Online. The analyst notes that ETH's recent increase is corrective rather than impulsive and could still lead to lower prices.

The chart setup is crucial in determining the future of Ethereum's price. Since the June low, the rebound has produced only a three-wave advance into resistance, not the five-wave structure the analyst wants to see before calling a durable market bottom.

Ethereum broke above the trend line in July but has since tested it from above, with little evidence that the price is decisively moving away from it. The broader trend remains bearish, with upside moves looking 'choppy' and corrective rather than sustained momentum shifts.