$eth ETH/USD Monthly Technical Analysis

Ethereum continues to trade under heavy selling pressure on the monthly time frame after failing to sustain above the major resistance zone near $4,950. The rejection from this region strengthens the view that the larger corrective structure remains incomplete. Price is now approaching the Monthly Support-1 area around $1,750-$1,400, a zone that could determine the next major directional move.
From an Elliott Wave perspective, the chart suggests the ongoing decline may represent the final stages of the corrective C-wave, with a possible extension where both the B and C waves terminate in the same accumulation zone between $1,000 and $600. If panic selling emerges into this support cluster, it could provide the final washout before a long-term reversal develops.
As long as Ethereum remains below $2,500, the broader trend favors caution and rallies should be viewed as corrective rather than the start of a new bull cycle. A decisive monthly close below $1,750 would increase the probability of a deeper decline toward the projected support region.
However, if buyers successfully defend the support zone and accumulation begins, Ethereum could initiate a new impulsive advance. A sustained breakout above $2,500 would be the first confirmation of renewed bullish momentum, opening the path toward $4,950 and potentially new all-time highs in the next major cycle. Traders should remain patient and wait for confirmation rather than anticipate the reversal prematurely.