Ethereum (ETH/USD) retains a bearish 4-hour outlook, with the chart showing 2,369.20. Following the completion of wave X/(c) near 2,523.20, the decline formed blue wave i, followed by a corrective rebound toward blue wave ii. As anticipated in our previous analysis dated October 27, 2026, the rebound has developed, bringing price toward the annotated 61.8% Fibonacci retracement near 2,365. The updated projection favors renewed weakness in blue wave iii toward approximately 2,215, with 2,290.40 serving as an intermediate downside reference. The bearish scenario remains valid below 2,523.20, while completion of wave ii and the subsequent decline require confirmation.
Technical Summary of Ethereum Price for October 28, 2026
-
Trend: Bearish.
-
Current Elliott Wave: Blue i labeled; blue ii corrective rebound and iii decline projected.
-
Key Support Levels: 2,290.40; approximately 2,215 projected.
-
Key Resistance Levels: Approximately 2,365; 2,523.20.
-
Next Price Target: 2,290.40, followed by approximately 2,215.
-
Invalidation Level: 2,523.20.
-
Fibonacci Levels: 61.8% retracement near 2,365.
Trader's Question: Is Ethereum approaching the end of corrective wave ii?
The rebound has reached the annotated Fibonacci area, but renewed selling pressure is needed to confirm the projected blue wave iii decline.