Ethereum Holds $3,045 Support as 1–2 Wave Structure Remains Valid

Ethereum (ETH) is still tracking a 1–2 Elliott Wave setup, holding above important support levels around $3,045. Support has remained intact, and a possible internal third wave may now be developing. However, the structure lacks clarity, reflecting uncertainty in the shorter-term technical picture.

The chart shows ETH breaking a descending resistance trendline and moving into a price area where Fibonacci retracement and extension levels cluster. These levels often act as decision zones. As long as ETH stays above the highlighted support region, the 1–2 wave interpretation remains technically valid, keeping the broader structure constructive.

The pattern lacks clarity though, meaning momentum confirmation is still needed. Price action shows overlapping movements rather than a strongly directional trend, which typically signals consolidation rather than full trend emergence.

“The structure is not very clean, meaning momentum confirmation is still required before traders can confidently expect a larger move.”

The Ethereum market continues monitoring these key support boundaries closely. Holding above them keeps the bullish Elliott structure in play, while a clean break below support would weaken that outlook and shift sentiment back toward caution. For now, ETH remains technically supported, but traders are watching for clearer directional confirmation.

My Take:

Ethereum’s current position is promising but uncertain. The Elliott Wave setup suggests potential upside, but without cleaner momentum, it’s a wait-and-see situation. Smart traders should watch for either a decisive break above resistance or a failure at support before making big moves.

Source: More Crypto Online