Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Ethereum’s price has surged above $4,100, intensifying its bullish momentum and fueling optimistic investor sentiment. This recovery follows a strong rebound from the $3,500 region earlier in the month. A new technical analysis shared by crypto analyst Freedomby40 on social media platform X suggests that this rally could lead to a long-term climb, potentially pushing Ethereum’s price to $16,000.
Elliott Wave Structure Points to Continuation
Freedomby40’s analysis, which is based on the Elliott Wave structure, posits that Ethereum is currently situated within an extended bullish sequence that began forming in late 2022. The analyst indicated that Ethereum’s price action appears favorable for a continuation, having completed a corrective phase and now entering a renewed impulse wave.
The analysis identified a crucial support zone for Ethereum between $3,225 and $3,563, corresponding to the 0.5 and 0.382 Fibonacci retracement zones. This area is labeled as an ideal accumulation zone for the next upward move, consistent with previous market cycle structures observed in 2017 and 2021.
The Elliott Wave projection further illustrates Ethereum unfolding its fifth major impulse wave, a structure that dates back to mid-2022. The internal structure of this wave sequence reveals a C wave in motion, which itself contains smaller sub-impulse waves. Within this C wave, Ethereum appears to be entering its own fifth sub-wave, typically considered a decisively bullish indicator.
Fibonacci Extensions Predict Significant Targets
Based on Fibonacci extensions derived from current price action, Freedomby40’s analysis outlines multiple potential price targets. The initial target is set at $6,303, corresponding to the 1.0 Fibonacci extension, which would see Ethereum break past its current all-time high.
A subsequent target, the 1.236 extension, is positioned around $9,013. The analyst described both the $6,303 and $9,013 targets as “very realistic.” More extended scenarios, based on the 1.382 and 1.618 Fibonacci extension levels, project potential prices of $11,210 and $16,077, respectively. At the time of writing, Ethereum was trading at $4,160, marking a 5.2% increase over the preceding 24 hours.
Broader Market Outlook
Freedomby40’s bullish outlook joins a growing number of optimistic Ethereum price forecasts from various institutional research desks and prominent analysts. Notably, Standard Chartered Bank recently revised its 2025 price target for Ethereum to $7,500, while also projecting a potential long-term path to $25,000 by 2028.
The confluence of technical indicators, historical market patterns, and positive analyst sentiment suggests a robust potential for Ethereum’s continued ascent. These projections, backed by Elliott Wave theory and Fibonacci levels, point towards significant price appreciation in the coming cycles, positioning Ethereum for a multi-layered rally.
