Ethereum remains under pressure, where price action appears to be unfolding within a five-wave bearish impulse by Elliott Wave theory. If this interpretation remains valid, Ethereum could continue moving toward the $1300 support area, or potentially even lower before the larger corrective phase begins.
4-Hour Chart: Wave 5 Potentially Underway
On the lower time frame, the 4-hour chart shows that Ethereum recently completed a projected ABC corrective structure as part of wave 4. After reaching the resistance area, the market turned sharply lower, suggesting that wave 5 of the larger bearish sequence may already be in progress.
A key technical level to monitor is the channel support near the $1800 area. A clear break below this level would strengthen the bearish outlook and further confirm that wave 5 is unfolding.
ETHBTC Chart Confirms Relative Weakness
Additional confirmation comes from the ETHBTC chart, which also points to continued weakness for Ethereum relative to Bitcoin. The pair recently completed a bearish ABCDE triangle pattern, a structure that often appears before a continuation move in the direction of the prevailing trend.
With the triangle pattern now fully resolved to the downside, ETHBTC suggests that Ethereum could continue to underperform Bitcoin in the near term.
Outlook
Overall, Ethereum’s technical structure across multiple time frames remains fragile. While short-term corrective bounces cannot be ruled out, the broader wave count indicates that further downside risk remains in play before a more meaningful recovery can take shape.
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