Ethereum’s bullish momentum It intensified throughout the weekendwith the price rising above $4,100. This steady recovery comes after a strong rebound from the $3,500 area After a crash earlier in the month.
Investor sentiment, as evidenced by trading volume and flows on stock exchangesturning to optimism amid recovery. Now that Ethereum’s price action is starting to turn bullish again, new technical analysis shared by cryptocurrency analyst Freedomby40 on social media platform
The wave counting structure indicates the continuation phase
Freedomby40 analysis, which is based on the Elliott wave structure, Ethereum offers K It is currently positioned in an extended bullish sequence that began taking shape in late 2022. After publishing technical analysis on X, the analyst noted that Ethereum’s price action looks great to continue.
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Its chart shows that the asset has just completed a corrective phase and is entering a renewed impulse wave, with support between $3,225 and $3,563 at the 0.5 and 0.382 Fibonacci retracement areas, respectively. The analyst describes this area as the ideal accumulation zone for the next step higher, consistent with previous cycle structures seen in 2017 and 2021.
the Elliott wave projection In his analysis, he presents a multi-layered confluence of driving waves extending to the third order. This shows that Ethereum is currently revealing its fifth major momentum wave in a structure dating back to mid-2022.
The internal structure of this wave sequence also reveals a moving C wave, which itself contains smaller subpulse waves. Within that wave C, Ethereum appears to be entering its fifth sub-wave, which is defined as a decisively bullish wave.
Based on this setup, the analyst identifies two potential target areas on the chart: a green box representing the realistic price range for this wave cycle and a red box depicting a higher, broader scenario that could push Ethereum’s market cap. To the trillion dollar level.
Fibonacci extensions predict targets of $9,000, $11,000, and $16,000
Freedomby40 analysis identifies multiple price levels based on Fibonacci extensions from current price action. The first target price is $6,303, which is based on the Fibonacci 1.0 extension. This initial price target will see Ethereum price rise above its all-time high, but this is the first of many.
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The next target, the 1.236 extension, is located around $9,013. The analyst described these two price targets ($6,303 and $9,013) as very realistic. Potential extensions are located at the 1.382 and 1.618 Fibonacci extension levels, equivalent to $11,210 and $16,077 respectively.
At the time of writing, Ethereum is trading at $4,160, up 5.2% in the past 24 hours. Freedomby40’s forecast joins a growing list of extremely bullish Ethereum price forecasts from institutional research bureaus and leading analysts. Standard Chartered Bank It recently raised its 2025 price target For Ethereum to $7,500, with a potential long-term path expected to $25,000 by 2028.
Featured image from iStock, chart from Tradingview.com
The post Crypto Analyst Shows The Possibility Of The Ethereum Price Reaching $16,000 first appeared on Investorempires.com.
