- Ethereum traders maintain confidence as wave structure signals a possible bullish continuation near $4,200.
- Analyst Nology outlines three potential paths for $ETH between $3,600 and $5,200.
- Long positions remain strong despite minor price declines and recent liquidations.
Ethereum ($ETH) trades near a decisive range this week as traders weigh technical patterns and wave counts that may define its next major move. The $4,100–$4,200 zone now serves as the key support area determining whether Ethereum resumes its advance or retreats further.
Analysts See Diverging Paths in Ethereum’s Structure
A recent post by analyst Nology (@nology3000) outlined a detailed Elliott Wave interpretation of Ethereum’s current setup on the four-hour chart. According to Nology, Ethereum has likely reached the lowest area expected for Wave 2, with price action touching around $4,220. If this holds, it could mark the start of Wave 3, the strongest segment in a typical Elliott cycle. The potential continuation may lift Ethereum toward the $4,800–$5,200 region.
Nology also mentioned that the present move could develop as a running flat—a structure where the C wave ends above the A wave low, suggesting resilient market sentiment. He cautioned, however, against confirming that formation too early, noting that Ethereum’s price must stabilize above $4,100 for the bullish case to remain valid.
In a contrasting view, the bearish outlook allows for a deeper retracement toward $3,600, an area previously cited by Nology as a risk zone. Such a decline would complete the C leg of a broader corrective sequence, forming a foundation for a new trend cycle later on.
Market Data Shows Traders Holding Their Ground
Despite intraday weakness, sentiment remains constructive. Coinglass data shows Ethereum as of writing is trading near $4,433, with a modest –0.42% decline over 24 hours. On longer time scales, the token has remained strong – up 1.06% gain in seven days, + 2.83% gain in thirty days, + 49.93% gain in ninety days. The greater gains validate the fact that Ethereum maintains its uptrend despite the volatility being restored.
Derivatives positioning supports that view. On Binance, the ETH/USDT long-short ratio sits at 1.8466, while the top trader ratio climbs to 2.1776, showing consistent preference for long exposure. On OKX, the ratio reads 1.39, reflecting measured optimism across platforms. Together, these levels imply confidence that the $4,100 area could serve as a base rather than a breakdown point.
Liquidation figures add context to the current consolidation. About $580,000 in leveraged positions were cleared in the past hour, and roughly $2.47 million over the last four. These flushes often accompany market pauses before directional continuation.
Broader Context Suggests Room for Continuation
The long-term outlook of Ethereum is positive. It has also gained 81.58% within the past year and 32.94% in the current year. The 180-day increment of 182.69% highlights continued accumulation by investors. Although short-term movements may seem wary, the data shows the market is still dominated by the buying interest.
It is observed by analysts that moving averages lose validity in the present choppy periods. Rather, traders look at wave form and horizontal support to understand direction in the near term. In case Ethereum continues to hold the $4,100 to $4,200 range, traders can expect another positive push in the coming weeks that could reach $4,700 to $5,000.
Currently, Ethereum is within a small range, yet the burden of placement and framework is skewed towards future consumption. The coming couple of sessions will decide whether this sort of consolidation will be the precursor to a new round of positive momentum or whether it will clear the way to further corrections down to about $3,600.
