Ethereum Rate: ETHUSD stood at $2,439.45 on the four-hour chart at 11:53 AM New York time, recovering from $2,316.35.
Ethereum Elliott Wave Analysis
The previous bearish scenario unfolded as wave v extended below $2,410, completing a five-wave decline from the $2,775.60 corrective high.
The updated count suggests wave (c), and potentially the larger wave W, ended at $2,316.35. A corrective wave X recovery may now develop before another decline in wave Y.
- Wave Structure:** W–X–Y correction; wave X potentially beginning.
- Support:** $2,400 and $2,316.35.
- Resistance:** $2,500 and $2,550–$2,560.
A temporary pullback may precede a rebound toward $2,550. Subsequent weakness could carry wave Y toward $2,300. A sustained break below $2,316.35 before a meaningful recovery would weaken the wave X scenario.
Ethereum News: US inflation and interest-rate expectations remain important macroeconomic drivers for cryptocurrency markets.