Ethereum's Five-Wave Rally Targets Pullback Before Next Surge

Ethereum's price has reached as high as $1,955 in what counts best as a five-wave impulse move higher, according to an analysis using the Elliott Wave Principle and Technical Analysis. This development confirms a previous call for higher prices made on July 2 when Ethereum was trading at around $1,700.

The five waves appear to have completed, but there is still a possibility of one last rally to around $2,050 or above. Based on current price action, the analysts believe that Ethereum is most likely in a short-term corrective pullback, with a target of $1,700 plus or minus 25 dollars from where the next rally to approximately $2,450 plus or minus 50 dollars can start.

The analysts warn that if the price falls below $1,643, it could allow for the next leg higher. They also caution that trading in financial instruments and cryptocurrencies involves high risks including the risk of losing some or all of your investment amount.