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Following
ETH Ethereum regains key support level, and the US$2100 mark may turn into a turning point.
Ethereum has regained its key support level, and the US$2100 price point is becoming a potential turning area. Analysts remain divided on whether recent momentum can push Ethereum to $2500 or whether resistance ahead will trigger a new round of decline.
Key support has recovered and upside targets are expected.
After rebounding from the US$1505 region, Ethereum has regained its position at the US$1825 mark, a development that market observers believe is of great significance. Well-known cryptocurrency analyst Michaël van de Poppe pointed out that despite recent market fluctuations, this rebound still maintained the overall target range of $2500 to $2620.
Technical analysis shows that Ethereum prices have rebounded above the short-term moving average. If the US$1825 area can be consolidated from resistance to support, it will strengthen bullish sentiment. The next key resistance is near $2465, and a breakthrough beyond this level will increase the likelihood of reaching the broader target range.
If the daily closing price is below US$1825, it may weaken the recent rebound and bring the US$1700 area into view. Greater support remains around $1505, the level hit by market lows in June. If Ethereum fails to hold on to $1825, the rally could stall and trigger a retest of lower support levels.
Currently, the focus is on whether Ethereum can maintain this recovered support level and push prices towards the target of US$2000 and higher, or whether a new round of selling pressure will turn the outlook bearish.
The $2100 test determines the direction of the trend.
Elliott Wave analysis shared by another well-known analyst CobraTrader believes that Ethereum's rebound may continue to $2100 before facing a major correction risk. From this perspective, the $2100 region is near the 0.31 Fibonacci retracement level, a key resistance level.
CobraTrader's model identifies this wave trend as the potential top of the fourth wave in the Elliott wave cycle. If it continues to exceed US$2100, the possibility of a deep correction will diminish. However, if this resistance cannot be overcome, it may trigger a fifth wave of decline, with a target price in the range of US$1000 to US$1250.
Additional support is around $1505, where Ethereum has found long-term buyers. A break below this level could intensify bearish views and shift focus to lower buying areas, where buying interest could emerge more evident.
Despite short-term uncertainties, the long-term outlook remains cautiously optimistic. The Elliott Wave model shows that there may be a major recovery after the correction. If the macro environment improves, the potential trend may exceed $3400 or even move towards $5000.
Currently, the fate of Ethereum hangs at the $2100 mark. Bulls must clear this obstacle to maintain their upward momentum or could quickly retreat to recent lows.
Mini Dictionary
Elliot Wave-A technical analysis tool pioneered by Ralph Nelson Elliot to identify recurring wave patterns in the market and is often used to predict possible support, resistance and reversal points in asset prices.
Support/Resistance Reference
Main support (June low): US$1505
Recovery of support: US$1825
First main resistance: US$2100
Second resistance: US$2465
Target range: US$2,500 - 2,620
Bear scenario support: US$1,000 - 1,250
Long-term bullish target: US$3,400 - 5,000
For Ethereum, holding on to the US$1825 support level remains the key, with its target targeting US$2000 or higher. However, failure to hold could trigger prices to fall back to near June lows of $1505. Technical models predict that although the current rally may hit $2100, if blocked at this level, it could open the door for a deep correction before it could later hit historical highs.
