Since Ethereum’s 2021 peak, the Ethereum price has largely moved sideways and downward while repeatedly teasing recoveries that faded. The most notable example of this recovery was in August 2025, when Ethereum moved to new all-time highs. However, this has eventually ended up with a reversal that saw Ethereum fall back below $2,000 again.
The chart labels the flat trading sequence in detail, mapping out W, X, A, and B legs that form the larger Wave 2 structure. The current price action is positioned within the final leg of the B structure, and the next outlook is an upward move to C from here.
The $1,382 Line That Changes EverythingHowever, one level stands out in this structure, which is the $1,382 low recorded in April 2025. Based on the context of this analysis, this point is labelled as Wave X and serves as the lower timeframe invalidation level. This is the important price level that will determine whether the price structure continues to fall below the four-digit mark.
As long as Ethereum remains above it, the Wave 2 scenario will be valid, and the Ethereum price can still transition into a new impulsive cycle to the upside. The price target in this case is a push to as high as $8,400.
If that invalidation level fails, the analyst’s projection points to a downside break below $900, with Fibonacci extensions on the chart pointing to lows between $800 and $500.
