$ETH 09/22: New ATH or continue dumping?

ETH is most likely in Wave 4 of an Elliott 5-wave structure. The ideal scenario is a Triangle Correction for Wave 4. If that plays out, we’ll see a breakout into Wave 5 after this consolidation.

Key level: $4,050. This is the crucial support to watch. A solid bounce here could launch ETH into Wave 5, targeting ~$5,400 (based on the 0.618–1.0 Fib extension of Waves 1–3).

Bearish case: If ETH breaks below $4,050 with strong volume, price could slide further toward the previous low near $3,460.

Signals to watch:

• Volume is fading, which fits the triangle pattern.
  
• RSI is oversold, hinting at a potential bounce.
  
• Keep an eye on divergences in MACD/Stochastic for reversal confirmation.
  

Wave 4 is usually longer and more complex than Wave 2, so ETH may still chop sideways before the real breakout.

👉 Bottom line: ETH is at a key crossroads — hold $4,050 and aim for $5,400 on Wave 5, or lose support and revisit $3,460.