Ethereum (ETH) Targets $3,446 as Bullish Wave Pattern Emerges

Ethereum (ETH) is currently exhibiting a bullish trend, with technical indicators suggesting a potential move towards $3,446. The cryptocurrency is trading around $2,982, and the recent price action on the 30-minute chart shows an impulsive wave structure supported by a strong ending diagonal and Fibonacci alignment. This pattern indicates a clear wave formation as the price holds above the support level, signaling an imminent move towards the $3,446 target.

The Elliott Wave pattern on the chart displays a classic five-wave impulsive structure, with the first wave completed and a corrective wave two following. Wave (2) has bottomed out just above the $2,900 support region, aligning with the 200 EMA and the prior wave four territory of the last impulse. The Fibonacci retracement tool shows that wave (2) retraced near the 0.618 level at $3,071, indicating a healthy pullback. This level coincides with a visible volume cluster zone near $3,030, suggesting strong interest from buyers and reinforcing the case for a wave (3) launch.

The bullish projection for wave (3) indicates potential targets at the 1.618 Fibonacci extension at $3,253 and the 2.618 level at $3,446. These levels represent critical resistance zones if the price continues to follow the Elliott Wave progression. Short-term targets may also include $3,139 and $3,071. Momentum indicators support this bullish structure, with the RSI showing signs of reversal from oversold territory and pointing upward, suggesting improving strength and momentum. The Stochastic RSI also reflects a near-term bullish crossover, with both K and D lines turning upwards, a pattern commonly seen at the start of new impulsive waves. Moving averages are aligned bullishly, with the 20 EMA above the 50 EMA and the price hovering around the 200 EMA.

The market structure highlights a breakout from the previous correction labeled as wave B, with a likely start of a third wave impulsive rally underway. The chart includes small subdivisions of minor waves within wave (3), indicating intricate wave behavior and validating the Elliott count precision. Price has also broken out of a wedge pattern marked by an “ending diagonal” during the prior move, suggesting exhaustion of selling pressure and often leading to a strong price reversal in the opposite direction.

Volume Profile bars on the right highlight major demand areas between $2,975 and $3,030. A sustained hold above these levels may fuel further upside toward the projected Fibonacci zones. The presence of overlapping corrections marked a-b-c within wave (2) shows that buyers successfully absorbed supply, stabilizing the price above the critical demand zone. The correction structure appears complete, opening the door for bullish continuation. Projected targets include $3,139, $3,253, and $3,446, each corresponding to Fibonacci extensions of wave (1). If momentum sustains, the price may reach these targets before encountering major resistance.

The upcoming price action will reveal whether Ethereum can maintain its trajectory toward higher Fibonacci levels or retrace further. Traders will likely monitor the $3,030 zone closely, as it remains the pivotal range for confirmation. The $3,030 acts as the deciding zone where bulls need to maintain support to keep rally chances alive. Momentum builds as ETH rebounds from $2,975 with strength seen across volume and Fibonacci targets. The wave pattern forms clearly as the price holds above the support and signals a move toward $3,446 soon.