Ethereum’s bullish momentum has become increasingly intense over the weekendwith the price rising above $4,100. This steady recovery follows a strong recovery from the $3,500 region after a crash earlier this month.
Investor sentiment, as reflected in trading volume and flows on stock exchangeshas become optimistic during the recovery. As Ethereum’s price action starts to turn bullish again, a new technical analysis shared by crypto analyst Freedomby40 on social media platform
The wave count structure indicates a continuation phase
Freedomby40’s analysis, which is based on the Elliott Wave structure, presents Ethereum as currently positioned in an extended bullish range that began forming in late 2022. Posting the technical analysis on X, the analyst noted that Ethereum’s price action looks great for a continuation.
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His chart shows that the asset has just completed a corrective phase and is entering a new momentum wave, with support between $3,225 and $3,563 in the 0.5 and 0.382 Fibonacci retracement zones, respectively. The analyst labels this zone as the ideal accumulation area for the next stage, in line with previous cycle structures from 2017 and 2021.
The Elliott Wave projection in his analysis he presents a multi-layered confluence of impulse waves extending to the third degree. It illustrates that Ethereum is currently unfolding its fifth major momentum wave in a structure dating back to mid-2022.
The internal structure of this wave train also reveals a traveling C wave, which itself contains smaller sub-impulse waves. Within that C wave, Ethereum appears to be entering its own fifth sub-wave, which is known to be a decisively bullish wave.
Based on this setup, the analyst outlined two potential target zones on the chart: a green box showing the realistic price range for this wave cycle, and a red box showing the higher, more extended scenario that could increase Ethereum’s market cap. to the trillion-dollar level.
Fibonacci extensions predict targets of $9,000, $11,000 and $16,000
Freedomby40’s analysis identifies multiple price levels based on Fibonacci extensions of the current price action. The first price target is $6,303, based on the 1.0 Fibonacci extension. This initial price target will see the Ethereum price rise above its current all-time high, but this is the first of many.
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The next target, the 1,236 extension, is positioned around $9,013. These two price targets ($6,303 and $9,013) were described by the analyst as very realistic. Possible extensions are at the Fibonacci extension levels 1,382 and 1,618, corresponding to $11,210 and $16,077 respectively.
At the time of writing, Ethereum is trading at $4,160, up 5.2% in the last 24 hours. Freedomby40’s outlook joins a growing list of ultra-bullish Ethereum price predictions from institutional research firms and top analysts. Standard Chartered Bank recently raised its 2025 price target for Ethereum to $7,500, while a potential long-term path to $25,000 by 2028 is projected.
Featured image from iStock, chart from Tradingview.com