Ethereum (ETH) has followed in the footstep of its bigger brother Bitcoin making a new all-time high at $4,668. However, it's not just the fact that ETH's price reached a new all-time high that makes it follow in Bitcoin's footsteps, but the current rally can be labeled as an Elliott Wave zigzag pattern just like Bitcoin's price structure.

ETH Elliott Wave ZigZag Pattern

The rally from the $1,701 low to the intermediary swing high of $4,027 has developed in a 5 wave price formation. The pullback from the $4,027 high was corrective in nature and was an abc price structure. The current rally from the swing low of $2,651 to the recent all-time high of $4,668 is wave C, which needs a five-wave structure to be completed.

However, wave C is incomplete at this point in time and remains in progress to finish developing wave 3, followed by a minor pullback and a final leg to the upside that has the potential to reach anywhere between $6,000 and $14,000.

The previous all-time high of $4,380, which acted as resistance, is now a new support level. Additionally, the RSI oscillator is printing bullish momentum readings above the mid-level 50. The RSI only fell below the mid-level during the correction in wave B, which is normal. 

Right now, wave 3 is in progress, and it may continue to extend to the upside until we have the pullback in wave 4.

Analysis by CH Mihai (Not Financial Advise)