Ethereum has recovered toward $2,100 after forming a possible bullish divergence near its June lows, but analysts disagree on whether the move can extend toward $2,500. Michaël van de Poppe maintains a broader target around $2,500 despite the latest market correction, while CobraTrader's Elliott Wave analysis identifies $2,100 as a potential fourth-wave top before a deeper correction risk. The recovery depends on ETH holding reclaimed support at $1,825, with rejection near resistance levels potentially triggering another correction according to the technical setups.
Ethereum Reclaims $1,825 Support as Analyst Maintains $2,500 Target
Ethereum moved back above the $1,825 support level after forming a possible bullish divergence near its June lows. Analyst Michaël van de Poppe stated the recovery keeps the broader target around $2,500 intact despite the latest market correction.
The daily chart shows ETH rebounding from the $1,505 area and recovering above its short-term moving averages. Price is attempting to turn the former $1,825 resistance level into support. The next major resistance sits near $2,465, followed by a broader target zone between $2,500 and $2,620. Reaching that area would require ETH to maintain its current structure and break above the lower highs formed since May.
The setup remains vulnerable while ETH trades below $2,000. A daily close below $1,825 could weaken the recovery and bring the $1,700 area back into focus. A deeper breakdown would expose the June support near $1,505. Holding above $1,825 would support a move toward $2,000 and eventually $2,500, while losing that level would delay the bullish scenario according to van de Poppe's analysis.
CobraTrader Identifies $2,100 as Fourth-Wave Top Before Correction Risk
Ethereum could extend its recovery toward $2,100 before facing another major correction, according to an Elliott Wave setup shared by analyst CobraTrader. The chart identifies that area as a possible fourth-wave top near the 0.31 Fibonacci retracement level.
The $2,100 region represents the first major resistance in the setup. ETH would need to break above its recent recovery structure and hold the level to weaken the bearish Elliott Wave count. The analyst expects the fourth-wave rebound to remain temporary. A rejection near $2,100 could begin a fifth corrective wave toward the broad $1,000 to $1,250 support zone.
The chart places additional support around $1,505, where ETH previously formed a major low. Losing that level would strengthen the case for a deeper decline and bring the lower green accumulation zone into focus. The longer-term projection remains bullish after the correction. The analyst's path shows ETH recovering from the projected bottom and eventually moving above $3,400, with a possible extension toward $5,000.
$2,100 is the key decision level according to CobraTrader's analysis. A rejection would support the deeper correction scenario, while a sustained breakout could invalidate or delay the bearish wave structure.
FAQ
What price level did Ethereum reclaim according to Michaël van de Poppe's analysis?
Ethereum moved back above the $1,825 support level after forming a possible bullish divergence near its June lows. Van de Poppe stated the recovery keeps the broader target around $2,500 intact despite the latest market correction.
What does CobraTrader's Elliott Wave analysis identify as the next major resistance for Ethereum?
CobraTrader's Elliott Wave setup identifies $2,100 as a possible fourth-wave top near the 0.31 Fibonacci retracement level. The analyst expects a rejection near $2,100 could begin a fifth corrective wave toward the $1,000 to $1,250 support zone.
