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ETH The recovery of Ethereum has pushed US$2100 into focus, with analysts divided views on whether it can rise to US$2500.
The recovery of Ethereum has made US$2100 the focus of market attention, but analysts are divided on whether the rally can continue to US$2500. If the regained support level can be held, the rebound may be strengthened; if a rejection is encountered near resistance, it may trigger a new round of correction.
Ethereum regains key support, the $2500 target remains valid
Ethereum has regained its support at $1825 after forming a potential bullish divergence near the June low. Analysts pointed out that despite the recent correction in the market, the rebound has left the broader target of $2500 intact.
The daily chart shows that Ethereum rebounded from the US$1505 region and rebounded above the short-term moving average. Prices are currently trying to convert the previous resistance level of $1825 into support, which will provide a stronger basis for subsequent gains.
The next major resistance level is around $2465, followed by a broader target range of about $2500 to $2620. To reach this area, Ethereum needs to maintain its current structure and break through the lower highs it has formed since May.
However, with the Ethereum price below US$2000, the current trend remains fragile. If the daily closing price falls below $1825, it may weaken the rebound and bring the $1700 area back into the focus of attention. A deeper decline would expose $1505 support near June lows.
For now, Ethereum's rebound is still in progress. Holding on to $1825 would support prices towards $2000 or even $2500, while falling below that level would delay bullish prospects.
Ethereum faces the test of US$2100, and there is a deeper risk of correction in the future
According to an Elliott Wave analysis, Ethereum may face another major correction after continuing to rebound to US$2100. The analysis views the $2100 area as the top of a possible fourth wave, near the 0.31 Fibonacci retracement level.
The US$2100 region is the first major resistance level in the current trend. Ethereum needs to break through the recent rebound structure and hold on to that level to weaken the bearish Elliott Wave Count.
However, analysts expect the fourth wave of rebound to remain temporary. If it is rejected near $2100, it may initiate a fifth wave of correction, targeting a broad support range of $1000 to $1250.
The chart also lists as additional support around $1505, where Ethereum has previously formed important lows. Falling below this level will strengthen expectations for deeper declines and make the green accumulation area below the focus of attention.
In the long run, the trend is still bullish after completing the correction. Analysis shows that Ethereum will rebound from the expected bottom, eventually exceeding $3400, and may extend further to $5000.
For now,$2100 is the key decision point. If rejected, it will support forecasts of a deeper correction, while continued breakthroughs may invalidate or delay the bearish wave structure.
