Technical analysis by Phillipklh about Symbol ETH: Buy recommendation (12 hour ago)

From an Elliott Wave perspective, Ethereum is likely advancing within Cycle degree Wave 3, Primary degree Wave 5, at the end of Intermediate degree Wave 3, and in Minor degree Wave 5. While theoretical upside targets for this structure have already been met, ETH has shown little sign of slowing down. On lower timeframes, the price action suggests the move is not yet complete. The first alternative scenario would see the current wave extending further upward. The second, less probable alternative, would classify the move as part of an ongoing corrective formation — but the structure lacks the characteristics to strongly support this view. Liquidity analysis reveals significant clusters below the low of Intermediate Wave 4 on the heatmap. In the order book, notable sell orders are stacked above the current price at $4,500 and $5,000 — levels of interest because they align with key technical confluences. Additionally, a Fair Value Gap (FVG) appears on the 1-hour chart, suggesting the possibility of a short-term pullback before price resumes its move toward the main target zone. Funding rates are in a normal positive range and open interest is rising but beginning to flatten, signalling a steady but maturing uptrend. It’s worth noting that these funding rates have recently come down from elevated highs, indicating that the market was previously overheated. ETH ETF flows remain steadily positive, but as mentioned in the Bitcoin analysis, these inflows appear to be driven more by rising prices and associated FOMO than by deliberate accumulation. From a sentiment perspective, the Fear and Greed Index shows the market in “Greed” territory, while Ethereum’s own index indicates extreme greed. On LunarCrush, mentions of ETH are increasing, reflecting heightened market attention. However, sentiment measured per network interaction remains mostly neutral — a divergence that is worth monitoring. In summary, caution is warranted at current levels. The primary target remains the 2.618 Fibonacci extension around $4,500, where a confluence of liquidity, order book resistance, and Elliott Wave projections converge. This level stands out as the most probable area for the current wave to complete before any significant correction. Trade safe.