Ethereum is currently experiencing a consolidation phase, which resembles a triangle formation on the weekly chart. This pattern suggests a potential upward movement in the future, although analysts indicate that it may be preceded by a necessary pullback.

On the daily chart, this pullback is identified as wave 2. Recent activity on the 4-hour chart shows a new sell-off following a brief three-wave corrective rally, indicating that a deeper correction may still be in progress. Market experts are closely monitoring a possible ABC correction pattern, which typically consists of three waves:

• Wave A: Moves against the prevailing trend.
• Wave B: Retraces part of wave A without exceeding its starting point.
• Wave C: Extends beyond wave A, completing the correction.

It is likely that wave C will revisit the 2800 support level before bullish momentum resumes. For additional insights and analysis, a recent webinar recording is available, offering a detailed examination of these market movements.

📎 Related coverage from: barchart.com