Technical analysis by zubairmalik about Symbol ETH: Sell recommendation (2/23/2025)

Ethereum (ETHUSDT) Potential Flat Correction in Wave 4Ethereum (ETHUSDT) has been following a structured Elliott Wave (EW) pattern, and based on the latest weekly chart analysis, the cryptocurrency could be entering a corrective phase before resuming its long-term uptrend. This article will break down the key elements of the chart and the implications for ETH’s price movement in the coming months.Key Price Levels & Technical OutlookCurrent Price (Around $2,815)ETH is hovering near $2,815, and based on the projected flat correction pattern, a further decline toward lower levels is expected before a potential bottom.Potential Support ZonesThe chart suggests ETH could find support in the range of $1,350 - $1,650, aligning with a typical corrective structure.A major demand zone (highlighted in red) around $750 - $900 could act as a strong area of interest if the correction deepens.Wave 5 TargetAfter completing the correction, ETH is expected to start Wave 5, potentially targeting a new all-time high above $11,356, as indicated on the chart.Trading ImplicationsShort-Term Bearish: Traders should anticipate more downside as ETH completes its Wave C.Long-Term Bullish: If the pattern plays out, ETH could see a strong rally once Wave 4 concludes.Key Level to Watch: A breakdown below $2,000 could accelerate the drop, while a break above $3,750 might invalidate the correction scenario.ConclusionEthereum appears to be in the middle of a Wave 4 flat correction, which could lead to further price declines before resuming its bullish trend. Traders and investors should watch key support levels and confirmation signals before positioning for the next major move.Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making trading decisions.