Automatic wave scan: as of 5 Nov 2026, the automatic daily count for Ethereum is Wave 5 down with a bearish bias. The count stays valid while price holds 2,450.
Current Ethereum wave count
Automatic wave scan Updated daily from the latest daily close (5 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave decline that began at 2,807 on 21 Sep 2026. Next levels to watch are 2,106 and 2,059. The count fails on a daily close above 2,450.
Key levels
| Type | Levels |
|---|---|
| Resistance | 2 · 450 · 2 · 527 |
| Support | 2 · 174 · 1 · 512 |
| Invalidation | 2,450 |
What is Ethereum?
Ethereum is a blockchain that runs programs called smart contracts. Its native coin is ether (ETH), which pays the fees for using the network. Ethereum launched on 30 July 2015. Vitalik Buterin proposed the idea in 2013 and co-founded the project with others.
In September 2022 the network switched from proof of work to proof of stake in an upgrade known as the Merge. This cut its energy use by more than 99 percent. Ether has no fixed maximum supply, but part of every transaction fee is burned, which can reduce supply when the network is busy.
What moves the Ethereum price?
- Network activity: Higher use of apps, stablecoins and token trading raises fees and the amount of ETH burned.
- Spot ETH ETFs: US spot ether funds began trading in July 2024. Their flows add a new source of demand.
- Bitcoin direction: ETH rarely moves against a strong Bitcoin trend for long. The ETH/BTC ratio shows whether ether is leading or lagging.
- Upgrades: Major network upgrades that lower costs or add features can change the outlook for fees and staking.
- Staking yield: Holders can stake ETH to earn rewards. Changes in staking demand affect how much ETH is available to trade.
How Ethereum moves in Elliott Wave terms
Ethereum swings more than Bitcoin in percentage terms. Corrections of 40 percent or more inside a larger uptrend are common, so traders should expect deep wave 2 and wave 4 pullbacks. Extended fifth waves have appeared near the end of past cycles, when speculation peaks.
Comparing the ETH/USD chart with ETH/BTC helps. When both show impulsive structure in the same direction, the count has stronger support.
Tips for counting Ethereum waves
Use wider stops than on Bitcoin and size positions smaller. Check the ETH/BTC chart before trusting a bullish count on ETH/USD.
Ethereum key facts
Ethereum Elliott Wave FAQ
What was the Ethereum Merge?
The Merge was the September 2022 upgrade that moved Ethereum from proof of work mining to proof of stake. It cut the network's energy use by more than 99 percent.
Does Ethereum have a maximum supply?
No. New ETH is issued to stakers, but part of each transaction fee is burned. When network use is high, more ETH can be burned than issued.
Why does Ethereum move more than Bitcoin?
Ether has a smaller market value and more speculative demand from traders and apps, so its percentage moves in both directions are usually larger.
Sources and further reading
- What is Ethereum? (ethereum.org)
- The Merge (ethereum.org)
- Ethereum (Wikipedia)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
