Despite the larger part of the cryptocurrency market going through a bearish few weeks, Ethereum (ETH)’s long-term structure may be approaching a key breakout moment, and one more impulsive wave could send it toward the $8K mark.
Specifically, a 5-day ETH chart outlines an Elliott Wave sequence showing four completed waves and a potential fifth wave still in play, amid Ethereum’s consolidation within a descending channel forming the Wave 4 correction phase, per an analysis shared by crypto expert CoinsKid on October 21.
Historically, this pattern precedes a final push, Wave 5, that often extends into Fibonacci levels well above the prior highs. As CoinsKid observed, “I have been charting $8K ETH since 2019. Crazy that if we see one more wave, it gets there.”
Fibonacci structure points to $7.9K target
As it happens, the Fibonacci extensions on the chart identify three major upside levels if the next impulsive leg takes shape, starting with 1.272 at $5,465, followed by 1.414 at $6,365, and finally going to 1.618 at $7,923, the latter aligning with CoinsKid’s $8,000 projection.
Meanwhile, ETH is currently changing hands at the price of $3,884.33, recording a 3.79% dip in the last 24 hours, a decline of 2.53% across the previous seven days, and an accumulated loss of 13.23% on its monthly chart, according to the latest data.
Its key retracement support is standing near $3,244 (0.786 Fib) and $2,700 (0.618 Fib). A sustained move above $4,000 – $4,100 would confirm the transition out of Wave 4 and mark the start of the fifth leg. If the pattern plays out, Ethereum could be on track to test new all-time highs (ATHs) sometime in 2026, matching the projected Fibonacci target zones.
Earlier, fellow crypto trading expert Ali Martinez highlighted the $3,700 zone as a ‘make-or-break’ range for Ethereum, implying that a clean breakout could dictate ETH’s next big move, perhaps even to $10,000 in the coming months, arguing that the bull market was far from over.
What do you think?
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