$ETH price, in the daily timeframe, has completed the fourth wave correction, based on the Elliott wave principle. “In Elliott Wave theory, Wave 4 can overlap the Wave 1 in crypto, unlike legacy markets, so this retest is still within acceptable structure,” Egrag Crypto noted.
In the midterm, the crypto analyst expects the $ETH price charts to be influenced by the Fibonacci targets.
Bearish Take For Ether Price
According to crypto analyst Linton Worm, the bullish momentum for the $ETH price has already been broken. With the $ETH bullish structure completely broken, this analyst believes that the Ether price is at its final support before a full-blown bear market.
A similar narrative was issued by market analyst Ted, who noted that the $ETH price must regain the support level around $2,800 to invalidate an ongoing structure headed to $2,500 zone.
Key Midterm Fundamentals to Consider
The Ethereum network has grown to a vibrant Web3 ecosystem backed by regulatory compliance and mainstream institutional adoption. Recently, Ethereum co-founder Vitalik Buterin reminded the growing community that the Ethereum network was not built to make finance efficient but to build global communities without trusting any intermediary.
The Ethereum network remains a major tokenization ecosystem for real-world assets (RWA). At press time, the Ethereum network had a total value locked of about $64.7 billion and a stablecoin market cap of around $164.9 billion.
Related: Ethereum Price Prediction: $ETH Under Pressure as Market Indicators Flash Persistent Weakness
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
coinedition.com
