Technical analysis by WaveFibs about Symbol ETH: Buy recommendation (2/4/2025)

🚀 Ethereum (ETH/USD) – Bullish Elliott Wave 5 Expansion 🚀 📈 Weekly Chart Analysis | Elliott Wave + Fibonacci + MACD + RSI Ethereum is currently in a Wave 4 corrective phase, preparing for a Wave 5 rally. If ETH holds above key support levels and breaks resistance, we could see a strong bullish move towards 5,440 USD and beyond. 📊 Elliott Wave & Fibonacci Analysis Ethereum's Elliott Wave structure suggests that Wave 5 is yet to unfold. Based on Fibonacci extensions, the next key targets are: ✅ Fib 0.382 (~4,058 USD) – Initial resistance. A breakout here confirms bullish momentum. ✅ Fib 0.618 (~5,440 USD) – Mid-term bullish target. ✅ Fib 1.618 (~10,408 USD) – Extended bullish scenario if Wave 5 fully plays out. 🔹 Key Support Levels: 2,199 USD (Fib 0.236) – Must hold for the bullish structure to remain valid. 2,069 USD (Fib 0.5) – Deep retracement support. 🔹 Key Resistance Levels: 3,796 USD (Fib 0.382) – Crucial breakout zone. 4,058 USD (Fib 0.5) – Confirmation of bullish trend. 📉 MACD & RSI Confirmation 📊 MACD Analysis: MACD lines are close to a bullish crossover, indicating momentum shift. Histogram is contracting, suggesting sellers are losing control. ⚡ RSI Strengthening: Currently around 51, signaling neutral momentum. A break above 60 RSI confirms strong bullish pressure. 📊 Volume Analysis & Market Structure 📌 Current Volume: Volume is currently low, which indicates market indecision. A spike in buy volume will confirm a strong breakout above 3,796 USD. 🚦 Market Structure Confirmation: Higher lows forming – Bullish structure remains intact. Breakout above 3,796 USD + volume spike = Strong Wave 5 rally potential. ✅ Bullish Trade Plan 🔹 Entry Trigger: Breakout above 3,796 USD with volume confirmation. 🎯 Take Profit 1: 4,058 USD (Fib 0.382) 🚀 Take Profit 2: 5,440 USD (Fib 0.618) 🌕 Take Profit 3: 10,408 USD (Fib 1.618) 🛑 Stop-Loss: Below 2,199 USD (Fib 0.236) 💡 Conclusion & Market Sentiment Ethereum is approaching a key resistance zone at 3,796 USD. A break and close above this level with strong volume will signal the start of Wave 5, potentially targeting 5,440 USD and beyond. 📢 Market sentiment remains cautiously bullish. If ETH holds above 2,199 USD, the bullish structure remains intact. MACD & RSI indicate growing momentum, but confirmation is needed. Watch for a volume breakout above 3,796 USD before entering a trade. 📢 What’s your ETH price target? Comment below! 🔥 📈 Like & Follow for More Crypto Analysis! 🚀