Ethereum (ETH/USD) Elliott Wave: Forecasting the rally from equal legs zone

In this technical article, we are going to present Elliott Wave charts of Ethereum ETHUSD. As our members know, ETHUSD has been showing impulsive bullish sequences in the cycle from the 2,118.6 low, pointing to further strength ahead. We have been calling for a rally in ETHUSD since the beginning of July, based on the higher high bullish sequences the crypto was forming. Recently we got an intraday pullback labeled wave ((iv)), which landed right in the equal‑legs zone. In the following section, we’ll explain our Elliott Wave count and present the target area for wave ((v))

ETH/USD Elliott Wave one-hour chart 07.23.2025

ETH/USD is currently doing wave ((iv)) black pull back. The correction appears incomplete at this stage. We anticipate further short-term weakness toward the Equal Legs area at 3,526.6-3,377.2. In that zone, we expect buyers to emerge and initiate another rally toward new highs. Therefore, we recommend avoiding short positions within this area.

ETH/USD Elliott Wave one-hour chart 07.24.2025

The price extended downward into the marked equal legs area, where ETHUSD found buyers as expected and has already shown a reaction. At this stage, we count the pullback as wave ((iv)), completed at the 3,510 low. As long as price remains above that level, we are likely in wave ((v)), targeting the 3,943–4,077 zone. Alternatively, if the 3,510 low is broken before a new high is made, we’ll likely see a deeper pullback. In that case, we’ll measure a new equal‑legs zone to identify the next buying area.