ETHE Ethereum ETFs: consolidating before a potential new leg higher
Ethereum ETFs appear to be moving through a higher-degree wave 4 correction, which leaves room for a possible upside extension in wave 5.
For the Grayscale Ethereum ETF (ETHE), price action could retest the upper line of the base channel as support before resuming its bullish trajectory toward the 2021 highs.
Meanwhile, BlackRock’s Ethereum ETF (ETHA) is currently testing the resistance area defined by the December 2024 high and the prior wave 4 low. This level aligns with the upper boundary of the base channel, a technically significant zone that supports the case for a higher-degree wave (4). If confirmed, this scenario would still allow for another push higher within wave (5).
In summary, both ETFs remain in a technical consolidation phase which, if resolved to the upside, could set the stage for a retest of prior cycle highs.
