Elliott Wave view: Ethereum (ETH) correcting in double three

Ethereum completed its cycle from the August 2025 low, forming wave 1 through a five-wave impulse structure. Starting from the August 3, 2025 low, wave ((i)) peaked at $3,737.4, followed by a pullback in wave ((ii)) to $3,545.2. The cryptocurrency then surged in wave ((iii)) to $4,332.7, with a subsequent dip in wave ((iv)) concluding at $4,165.5. The final leg, wave ((v)), reached $4,791.5, finalizing wave 1 in a higher degree. This upward movement reflects Ethereum’s strong bullish momentum during this phase.

Currently, a corrective wave 2 is unfolding as a double three Elliott Wave structure. From the wave 1 peak, wave (a) declined to $4,455, and wave (b) rallied to $4,706.4. Ethereum then dropped in wave (c) to $4,370.9, completing wave ((w)) in a higher degree. A subsequent rally in wave ((x)) peaked at $4,578.1. From there, wave (a) fell to $4,228.8, and wave (b) climbed to $4,390. The ongoing wave (c) of ((y)) is expected to push Ethereum lower, targeting the $3,895–$4,156.2 range, which aligns with the 100%–161.8% Fibonacci extension of wave ((w)). From this zone, Ethereum could resume its upward trend or stage at least a three-wave bounce, signaling potential bullish continuation.

Ethereum (ETH/USD) – 60 Minute Elliott Wave technical chart