Ethereum Targets $2,120 Support Before Potential Bounce

Elliott Wave Structure Points to Final Wave (v) Completion

The Elliott Wave count on the chart maps out waves (i) through (v) with clear clarity.

Waves (i), (ii), (iii), and (iv) have already formed, and the current move lower suggests wave (v) is underway.

The five-wave decline is approaching completion. Watch the $2,120-$2,130 zone closely - that’s where the structure resolves.

Ethereum price prediction: ETH eyes $5000 after healthy correction describes these pullbacks as part of longer cycle structures - and this decline fits that pattern, projecting a dip into $2,120-$2,130 before any recovery gets traction.

$2,120 Horizontal Support Is the Key Reaction Zone

ETH has already slipped below intermediate support near $2,200, confirming continued structural weakness. The $2,120 level now stands as the primary horizontal support - a zone where Ethereum has historically found demand after impulsive selloffs. As explored in Ethereum price analysis: will $3,900 support hold, defined support zones are critical in determining whether a bounce forms or the decline extends.

The broader technical context, covered in Ethereum price forecast: support and resistance levels, reinforces how cleanly ETH tends to react around these areas. Until the $2,120-$2,130 zone is tested and confirmed as support, the near-term trend remains bearish. A bounce from that level would mark the completion of the corrective phase - but the reaction itself will determine whether ETH stabilizes or rolls into a deeper correction.