It may feel like ages, and we don’t blame you for feeling like it, but Ethereum (ETH) has not moved since its all-time high (ATH) of $4865 set in November 2021. It dropped to $883 by June 2022 and rallied slowly to $4109 in December 2024. Four months later, it reached as low as $1384. Currently, it is trading at $1600.

Using the Elliott Wave (EW) Principle, the drop from the ATH to the $883 low counts best as three (green) waves lower (W-a, -b, and -c) to complete a larger (red) W-a. See Figure 1 below. The rally from then to last December’s high overlaps, i.e., lots of ups and downs, and therefore counts best as three subdividing (green) waves as well: red W-b. Now, ETH is completing five waves lower for the red W-c of the black W-4.