Ethereum (ETH) Target Reached! Is $4400 Next? Forecast & Price Targets Explained

Write a 1000-word comprehensive and engaging article from the script Hello, hello, and welcome to another update video on Ethereum. So, the Ethereum chart has started a small pullback. Yeah, just talked about it in yesterday’s last video that we have to expect a pullback sort of in the coming days and the wave four is just due. Is this already the wave four? Absolutely possible. Um, have to see if it goes a little lower. I mean, if it if it gets to 4,100 roughly to our green line here, I’d say this does look healthy enough for a fourth wave. Important is not so much to to uh let’s say predict every single um wave in this pullback, right? Rather to understand what is the support zone that now needs to hold to keep the local uptrend intact. And I have slightly adjusted it, just very slightly adjusted, but I think when I made the last video, we pretty much uh struck the top there. It’s only a local top. I mean, the pullback is very moderate, which is good. And it’s healthy that we get a bit of a um pullback. It’s not even it’s not even very much noticeable yet, but if we draw here, you know, a trend line sort of depending on how we draw it, you could even argue we’re trying to break below this trend line there. Um, so there is some kind of a local top in the target zone here. It’s already an extended third wave, not super extended, not unusually extended. It’s a healthy third wave, which yeah, typically leads to a fourth wave, right? And the fourth wave is just a corrective pullback in what I believe could be a fivewave move to the upside. Now, don’t get too excited about Ethereum. I know people get all excited, super hyped about Ethereum, and I mean, nothing wrong with enjoying the green candles. Yeah. But um this shows us that this fivewave move to the upside, most of that rally is likely done. Um and that fourth wave here could then take us into the lower support region. Might be a little bit more of a larger pullback. Um but for now, I’m still I still interpret this pullback as internal wave four of wave five of three. And one more high could take us indeed into this green circle there around $4,400 to $4,500. I have to say that I would prefer in this scenario that the price actually holds above $4,100. That’s the green line. That’s the breakout point. Just a bit of a retest would actually be healthy. There’s no absolute need from an Elliot wave point of view to hold that level. That’s not a relevant level Elliot wave wise. But of course chartwise it’s quite important um because you know it’s a it’s a critical resistance level. We’ve just broken above it on the weekend. So holding above it would be a sign of strength. Just basic TA basic technical analysis from an Elliot wave point of view. I would not be surprised actually if we go a little lower. So Elliot wave allows for a deeper pullback because I can interpret the move up from the 3rd of August low or 2nd of August low as an ending diagonal pattern as a fivewave move up. And this internal wave four pullback can be deep because this move up is likely an ending diagonal. So a wave four in an ending diagonal can easily go to the 61.8 retracement. Doesn’t have to, but we have to give it a little bit more room. So recently pullbacks of Ethereum were shallow but they still ended in the support zone. Um if I remember correctly this larger fourth wave that bottomed on the 2nd of August last weekend pretty much a week ago ended around the 38.2 retracement. In this case it would be $4,12. Maybe it did even end a little higher. So yeah uh watching how this pullback unfolds. I mean talking about nanoructures which is really really unreliable. I’d say um best I can tell is that this here might only be the Awave. We might get a B-wave bounce and then the Cwave down. Bear in mind a fourth wave can also unfold as a triangle which would actually be ideal and then we could watch for one more high as long as we are holding above 3,826. I have to assume that if we break below 3,826, the larger fourth wave has already started. But for now, that is not the preferred interpretation in both scenarios. However, still looking for higher prices, but it would be ideal to get that one more high there. So, overall, Ethereum is performing well. Hope you liked the update. If you did, please hit the like button, leave a comment, and subscribe. And if you really like the content, then please check out the channel membership. Um, don’t forget today 5:00 p.m. UTC, we’ve got our MCO member live stream. Um, typically one and a half hours. I always try to answer all questions. I cover a lot of requests, typically around 40 coins per week covered there. in addition to what you already get there. Um, so check it out if you’re interested. 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