Ethereum (ETH) is trading below $2,700 after a sharp drop from its August 2025 high of around $4,950. The correction, now over 45%, has brought the price into key technical areas that analysts say could support a market rebound. Several traders have adjusted their market outlooks, now expecting a longer cycle and higher upside targets.
Daily volume sits at $50.3 billion. Ethereum is down 10% in the past 24 hours and nearly 15% over the past week. This move has brought ETH into areas where previous buyer interest was strong.
Structure Shifts to Wave 2
StockTrader_Max posted an updated Elliott Wave count showing that ETH has broken into its previous Wave 1 range. This rules out a Wave 4 correction and suggests a Wave 2 retracement is now underway. These types of pullbacks usually happen earlier in a cycle.
“ETH is already at the 0.618 FIB… this is an area where I expect to see a low form,” the analyst noted.
Notably, the 0.618 retracement level sits around $2,748. It often acts a
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