Analyst Says Ethereum Price Might Have Reached ‘Wave 4’ Bottom — Path To $5,000?

10 hours ago

The Ethereum terms has struggled to equine immoderate important bullish unit since hitting the all-time precocious of $4,946 successful August. The bullish momentum of the second-largest cryptocurrency has mostly waxed and waned, reaching the $4,750 precocious doubly successful the past fewer weeks.

After moving up to this section highest connected Tuesday, October 7, the Ethereum terms has been connected a dependable descent successful caller days. This bearish unit intensified connected the adjacent of the week, with the ETH terms falling towards $3,700 owed to United States President Donald Trump’s tariff imposition connected China.

Interestingly, a caller method outlook inactive points to a possible travel to the $5,000 people for the altcoin.

Major Technical Resistance Levels To Watch

In a caller station connected the X platform, pseudonymous crypto expert Darkfost revealed that the Ethereum terms mightiness beryllium looking to participate a caller phase—that could spot it interaction $5,000— implicit the coming weeks. According to the analyst, the altcoin’s worth mightiness person reached a bottommost of its existent signifier (wave 4) aft the Trump Tariff-induced marketplace downturn.

Darkfost highlighted that the terms of Ethereum recovered enactment astatine the 200-day exponential moving mean (EMA) astir the $3,500 level connected the regular timeframe. This nonstop portion had erstwhile been identified arsenic an charismatic Dollar-Cost Averaging (DCA) introduction area, the expert added.

Furthermore, Darkfost emphasized the beardown bearish sentiment crossed the market, arsenic shown by the comparative spot scale dropping beneath the 50 threshold. However, the crypto pundit believes that investors tin ticker for a affirmative absorption and whether the bullish momentum tin kickstart the “wave 5,” contempt the imaginable absorption astatine the 50 RSI mark.

Darkfost besides noted that the 21-day and 50-day EMAs volition enactment arsenic a important absorption portion for the Ethereum terms astir the $4,250 portion connected the regular timeframe. Evaluating the presumption of these exponential moving averages aligns perfectly with ETH’s imaginable RSI recovery supra the 50-mark threshold.

According to the crypto analyst, the Ethereum terms could yet marque its mode to the wide anticipated $5,000 level if it manages to flooded these important barriers.

Ethereum Price Overview

According to information from CoinGecko, the price of ETH is presently adrift the all-time precocious of $4,946 (attained astir 2 months ago) by much than 24%. This gives a representation of the travel the second-largest cryptocurrency would request to question to scope the highly coveted $5,000 level.

As of this writing, the terms of Ethereum stands astir $3,741, reflecting an implicit 4% diminution successful the past 24 hours. The altcoin’s grounds is adjacent worse connected the play timeframe, having mislaid much than 16% of its worth successful the past 7 days.