Ethereum Rate: ETHUSD stood at $2,427.70 on the four-hour chart at 12:20 PM New York time, testing support near $2,410.
Ethereum Elliott Wave Forecast
The chart identifies wave A at $2,807.05, followed by corrective wave B, ending near $2,775.60. Wave C is now developing downward.
Within wave C, wave iii appears complete, followed by a wave iv rebound toward the 38.2% Fibonacci retracement. The decline toward $2,410 suggests wave v is underway.
- Wave Structure: Bearish impulse within wave C.
- Trendline: Descending.
- Support: $2,410, then $2,300–$2,250.
- Resistance: $2,550, then $2,775.60.
A sustained break below $2,410 would strengthen the bearish scenario toward $2,250. Recovery above the wave iv high would challenge the immediate wave v interpretation.
ETHUSD News: US inflation reached 3.7% in September, above the 3.6% forecast, weighing on cryptocurrencies. The Federal Reserve’s Beige Book is due today, followed by US producer inflation data on October 15.