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Ethereum price action over the last 24 hours It is characterized by falling Heading towards $2,100 before rebounding very quickly. Ethereum prices have fallen to $2,130 in the last 24 hours at Crypto Exchange Coinbase amid a wider decline in the crypto industry. It’s a very short time, below $100,000.
Despite a sudden Ethereum price adjustment, analysts offered Discussions suggesting strong Ethereum gatherings Once this current economic recession is complete. In particular, they Projections are not short-term, One of them will make Ethereum’s next major target at about $6,000.
Shake the perfect, but flaws before the rally
First detailed analysis It came from @CryptOwavev, a trader who uses Elliott Wave Theory to predict market structure. According to his recent post, Ethereum prices have now completed what he considers to be a wave of greater corrective structures. His chart shows Ethereum collapses from around $2,900 and falls almost directly into the Fibonacci-based support zone, between $2,134 and $1,957.
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With the Wave A pattern now complete, the prediction is a short-term bounce up to $2,792 as part of the Wave B retracement. However, this upward movement is temporary before another wave’s C-leg is downward, allowing the price of Ethereum to be increased to $1,706 before a meaningful bottom is confirmed.
This level is what analysts call his “ideal buying zone” for long-term accumulation. The short-term view includes price crashes; A complete bullish impulse resumes Once this correction stage is complete.
The Wyckoff structure refers to the ETH price of $6,000
Merlin, popular analyst at X; We shared a contrasting convergence perspective. In this case, the analyst’s outlook is based on Wyckoff’s accumulation framework. Merlijn said, “Ethereum: Wyckoff Go says.”
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According to the daily price charts that followed his analysis, the analysts showed that the cipher had already completed the spring and testing phase. According to the Wyckoff method, the next one comes in the markup phase.
The charts posted by Merlijn are consistent with this outlook. The chart projected it Ethereum regains a A horizontal range of $2,150 to $2,450 followed by a steady progression of over $3,850, followed by another strong move above $4,800, which ultimately peaked at around $6,800 to $7,000. This bullish setup has been suggested a recent decline to $2,100 It may have shaking my confidenceit may have served a greater structural purpose. The spring and test pattern means the final shakeout of the weak hands, meaning that long-term buyers will clear the path to intervention.
Finally, the outlook from both analysts has converged on a 6-month-to-1 year trajectory, with Ethereum splitting into the $6,000 range. At the time of writing, Ethereum has traded at $2,420, up 7.4% over the past 24 hours.
Getty Images Featured Images, Charts on tradingView.com
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