Elliott Wave Theory Points to Ethereum’s Next Price Target - Here’s Where ETH Could Head Next

Ethereum's chart patterns reveal compelling technical signals that could determine its next major move.

The Elliott Wave Count

Five distinct wave patterns emerge on ETH's weekly chart, suggesting the completion of a major impulse wave. Wave three peaked at levels that surprised even seasoned analysts, while the current corrective wave four shows textbook consolidation behavior. Fibonacci retracement levels align perfectly with key support zones, creating a technical roadmap for what comes next.

Bullish Targets Emerge

If historical patterns hold, Ethereum could be positioning for a powerful wave five extension. The measured move projection points toward resistance levels that would represent significant new territory for the second-largest cryptocurrency. Volume confirmation and momentum indicators support the potential breakout scenario, though traditional finance skeptics continue dismissing technical analysis as 'financial astrology.'

Market Sentiment Divergence

While retail traders chase momentum, institutional positioning tells a different story. Options flow data reveals sophisticated money building strategic positions ahead of the potential move. The divergence between public sentiment and professional positioning creates an intriguing setup - one that could catch unprepared investors on the wrong side of the trade.

Ethereum's technical structure suggests the next major leg higher could be closer than market participants realize. Whether the pattern plays out perfectly or encounters unexpected resistance, the coming weeks will test both the theory and the conviction of ETH holders worldwide.

Third-quarter deliveries disappointed

On Monday, Lucid reported third-quarter deliveries of 4,078 vehicles. That is a record for the company and up 48% year over year, but came up short of Wall Street estimates, which called for nearly 5,000 deliveries.

Image source: Lucid Group.

Analysts and investors expected higher deliveries in the third quarter, due to the expiration of the $7,500 federal EV tax credit. Consumers rushed to take advantage of the deal one last time, so this level of annual growth will likely be a one-time phenomenon.

Following the report, CFRA analyst Garrett Nelson downgraded the stock to a strong sell and a $10 price target, which implies over 50% downside from Lucid's current share price. "While LCID's Y/Y volume increases were impressive on a percentage basis, we were expecting much higher volumes with the September 30 expiration of the federal EV tax credit," Nelson wrote in his research note.

Nelson also noted that to reach Lucid's prior annual delivery guidance of 18,000 to 20,000, the company WOULD need to deliver over 8,000 vehicles in the fourth quarter, which seems unlikely given the company did less than 5,000 in an elevated quarter across the industry.

Management may cut guidance

Given Nelson's remarks above, it's quite likely that management will lower its annual guidance when it officially reports third-quarter earnings. The company trades over a $6.6 billion market cap and lost over $900 million through the first half of the year. I would avoid the stock for now.