Ethereum

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<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/wX4mtYyy-e1701102523277.png" class="attachment-full size-full wp-post-image" alt="ETH price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Ethereum Price Prediction: Amidst the recent downturn in the crypto market, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> recovery took a breather after surging to a high of $2,137, experiencing a temporary drop to $1,900. Analyzing the daily chart, it appears this pullback might be part of a 4th wave correction within the Elliott Wave Theory, potentially setting the stage for a forthcoming 5th wave impulse. 
Also Read: <a href="https://coingape.com/this-whale-astonishingly-becomes-largest-depositor-on-ethereum-l2-blast-bridge/">This Whale Astonishingly Becomes Largest Depositor On Ethereum L2 Blast Bridge</a> 
<h2 id="b-ethereum-price-prediction-will-eth-surpass-2500-b">Ethereum Price Prediction: Will $ETH Surpass $2500?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A rising wedge pattern governs the current recovery trend</li> 
 <li style="font-weight: 400;" aria-level="1">A post-correction rally could set the ETH price for 18% surge</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $10.3 Billion, indicating a 66% gain.</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/w/wX4mtYyy.png" alt="Ethereum Price Prediction" width="1946" height="1105">Source- Tradingview 
The Elliott Wave Theory is a method used in technical analysis to predict future price movements by identifying patterns in market cycles. 
The ongoing recovery of the Ethereum coin, kicking off in mid-October, aligns neatly with the Elliott Wave Theory’s framework. The first wave saw the ETH price peak at $1,656, followed by a second wave correction to $1,543.&nbsp; 
With the broader market’s recovery, the altcoin surged in a third wave and reached a 7-month high at $2,137. Furthermore, the ETH price experienced a 4th wave correction in the third week of November, marked by a downward-sloping resistance trendline. This pullback assisted buyers in recuperating the exhausted bullish momentum for the next leap/ 
<blockquote>
 On November 22nd, while major <a href="https://coingape.com/ethereum-eth-price-back-above-2000-amid-whale-accumulation/">altcoins attempted to recover</a> from recent sell-offs, the Ethereum price notably broke out from the overhead trendline, potentially signaling the initiation of a 5th wave impulse.
</blockquote> 
Using the Fibonacci extension tool to project the 5th wave, it could potentially reach around 0.618 or $1.618 times (wave 1 + wave 3) against the wave 4 correction, implying a potential target of $2,380 or $2900 for Ethereum’s price. 
<h2 id="b-is-eth-poised-for-further-correction-b">Is ETH Poised for Further Correction?</h2> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/x/XgiwHqCy.png" alt="Ethereum Price Prediction" width="1946" height="1105"> 
Source- Tradingview 
With an intraday 2% loss, the Ether price currently stands at $2,070. This dip raises questions about whether the price has genuinely entered the fifth wave. However, should the aforementioned bullish thesis hold true, a climb to $2,800 could spark a bullish breakout from a long-standing rising wedge pattern. Such a breakout might indicate a significant trend reversal, potentially strengthening the recovery outlook and aiming for an extended rally toward $3,400. 
<ul> 
 <li aria-level="1">Relative Strength Index: The formation of a higher low in the Ethereum price despite a lower low drop in <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> suggests a reverse bullish divergence in this momentum indicator. This accentuates sellers’ attempts but highlights the potential neglect of their influence.</li> 
 <li aria-level="1">Exponential Moving Average: The slopes of the 20 and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> might provide initial support during intermittent pullbacks in the price</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/ethereum-price-prediction-as-elliot-wave-theory-to-3400/">Ethereum Price Prediction As Elliott Wave Theory Hints Rally to $3400</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction As Elliott Wave Theory Hints Rally to $3400

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