Ethereum Price Could Reach $16,000 According to Analyst’s Wave Structure
Ethereum's price has surged above $4,100, continuing its recovery from a recent low at $3,500. Investor sentiment is optimistic, with technical analysis projecting a potential long-term climb to $16,000.
Elliott Wave Analysis Suggests Continued Uptrend
- Crypto analyst Freedomby40 predicts Ethereum is in an extended bullish sequence that began in late 2022.
- The asset has completed a corrective phase and is entering a renewed impulse wave.
- Support is established between $3,225 and $3,563 at Fibonacci retracement zones.
- This zone is considered an ideal accumulation area for the next upward move.
The Elliott Wave projection indicates Ethereum is currently unfolding its fifth major impulse wave since mid-2022. The internal structure shows a C wave containing smaller sub-impulse waves, with Ethereum entering its own fifth sub-wave.
Fibonacci Extensions Indicate Price Targets
- Initial price target at $6,303 based on the 1.0 Fibonacci extension.
- Next target at $9,013 (1.236 extension), both considered realistic.
- Further extensions at $11,210 (1.382) and $16,077 (1.618).
Currently, Ethereum trades at $4,160, up 5.2% over the past 24 hours. Analyst Freedomby40 joins others in forecasting bullish outcomes for Ethereum. Standard Chartered Bank recently set a 2025 target of $7,500, eyeing a long-term path to $25,000 by 2028.
