Ethereum Price Prediction: ETH targets $6,140, long positions for swing trading have been initiated.

With Ethereum (ETH) successfully breaking through the $3,250 resistance level, the short-term target is set at $3,950, potentially extending to the range of $5,090 to $6,140. The Elliott Wave ( theory indicates that this rise belongs to the beginning of the long-term fifth wave, consistent with the bullish pattern of the larger cycle. Ethereum has broken through multiple long-term technical resistances, confirming the initiation of a long-term rise.

The short-term adjustment has ended, aiming for $3,950 In last month's technical update, we proposed two pump paths, and the current trend has fully confirmed the more robust "Scenario Two." ETH peaked at $2,879 on June 11 and then bottomed at $2,213 on June 22. Since then, the price of Ether has continued to rise and has now broken through $3,400, indicating that the low-risk/high-return entry opportunity has already materialized.

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The upcoming short-term trend is expected to reach around $3,600, which is the typical 100% Fibonacci extension level of the gray W-iii wave. After that, there will be a multi-day adjustment (gray W-iv), with an ideal retracement target of $3,250. Subsequently, it will enter the rising phase of gray W-v, targeting the range of $3,955 - $4,175 (Fibonacci 123.6%-138.2% extension).

A larger level of corrective adjustment (such as the expansion of the red W-iv) is not expected to occur until ETH completes the red W-iii wave, ideally extending to $4,525.

Long-term structural support $6,140 pump target Looking at the larger time frame, since Ethereum bottomed at $1,384 on April 9, the price has successfully risen above the 50-day moving average, trend line, and multiple medium to long-term technical levels, establishing a shift in the upward trend. The previous descending wedge structure failed to break below $1,085, indicating that the downtrend has ended prematurely.

• The ideal 200% extension target of the current red W-v wave segment from the upward trend that started from the low in April is $5,095;

• Meanwhile, the forming bull flag technical pattern points to $6,140;

• If we expect a more aggressive 300% extension, the potential endpoint of the fifth wave could even reach $6,190.

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Trend technical indicators fully turn to long positions Ethereum has successfully stabilized:

• Above the 10 to 50 month moving average；
• Above the Ichimoku Cloud (monthly).

This marks Ethereum's re-entry into a long-term long positions trend. The Elliott Wave Theory structure extension is quite common in the crypto market, so the technical aspect is gradually validating the possibility of prices continuing to rise.

Key Technical Reference Range:

• Short-term target: $3,600 (gray W-iii), $3,955-$4,175 (gray W-v);
• Mid-term target: $4,525 (red W-iii), $5,095 (red W-v);
• Long-term potential target: $6,140 - $6,190 (pump flag/300% extension).

Conclusion: The Elliott Wave Theory structure and large technical patterns collectively indicate that the Ethereum long positions wave has been established, and it is currently in the early stages of a new main rise. Investors can pay attention to the pullback opportunities in the $3,250-$3,600 range and prepare for the mid to long-term pump channel.

(Source: FXEmpire)