This technical analysis focuses on Ethereum’s current price action through the lens of Elliott Wave theory, suggesting the asset is nearing the end of a corrective recovery. While the market remains quiet, the analyst observes that ETH is closely tracking Bitcoin’s movements and may have already reached a local peak. Although a final push toward the $3,500 resistance level is possible, the overall structure appears messy and characteristic of a temporary bounce rather than a new bull trend. Investors should watch for a break below $3,213, as losing this support would likely signal a deeper decline toward lower swing lows. Ultimately, the source emphasizes that Ethereum’s trajectory is heavily dependent on whether the broader crypto market maintains its current support levels or succumbs to selling pressure.
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