Ethereum News Today: Ethereum bullish Elliott Wave pattern targets $6,000 long-term price

Ethereum continues to display a structured bullish Elliott Wave pattern, reinforcing a long-term price target near $6,000. According to recent technical analyses, the cryptocurrency has progressed through key Fibonacci extensions and wave counts consistent with expected market behavior. As of late July, Ethereum reached a peak of $3,859 before retracing to $3,510 and rallying again to $3,941, with current levels around $3,675 aligning closely with the projected wave targets [1].

Analysts have identified the completion of the gray W-iii, iv, and v waves, which correspond to typical price action in a bullish third wave structure. This progression validates the predictive power of the Elliott Wave model, particularly for traders and investors who have followed these patterns closely [1]. With the green W-4 potentially ending at $3,356, Ethereum has since broken above previous resistance levels, suggesting the gray W-iii of the green W-5 is now in motion. Confirmation above $3,878 would further solidify the bullish bias.

Looking ahead, the ideal long-term target for the red W-v is positioned around the 200% Fibonacci extension at approximately $5,100. However, the breakout and symmetry analysis suggest a more ambitious target near $6,140. Additionally, logarithmic and linear-scaled Fibonacci extensions converge around the $6,200 mark, reinforcing the potential for an extended fifth wave—a common occurrence in cryptocurrency markets [1].

The broader market context also supports this bullish case. Jake Gagain, a well-known market analyst, has outlined a scenario where Ethereum could reach $6,000 if Bitcoin climbs to $145,000, emphasizing a conditional setup where Bitcoin dominance has declined and altcoins are gaining momentum [2]. This dynamic aligns with the observed technical structure, as higher-beta assets like Ethereum tend to outperform when Bitcoin leads.

Despite the favorable technical setup, the path to $6,000 remains contingent on continued liquidity and risk-on sentiment. Significant market shocks or a reversal in Bitcoin dominance could alter the trajectory. Investors are advised to monitor on-chain metrics, including volume during breakouts and the formation of higher lows, to gauge the strength of the rally [4].

Ethereum’s current position within the Elliott Wave pattern suggests the potential for a sustained rally, provided the corrective wave remains controlled. While the near-term outlook is encouraging, prudence is warranted as liquidity dynamics and broader macroeconomic conditions could influence the market direction. As the pattern unfolds, further updates will be essential in determining whether the $6,000 target is within reach or if new wave structures emerge to redefine the trajectory [2][4].

Source:

[1] Ethereum Maintains Bullish Elliott Wave Structure Toward $6,000 Target (https://www.investing.com/analysis/ethereum-maintains-bullish-elliott-wave-structure-toward-6000-target-200664985)

[2] Jake Gagain Updates His XRP and Ethereum Price Predictions for 2025 (https://captainaltcoin.com/jake-gagain-updates-his-xrp-price-targets-for-2025-if-bitcoin-and-ethereum-hit-these-levels/)

[4] Pivot Points — Trading Ideas on TradingView (https://www.tradingview.com/ideas/pivotpoints/)