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Ethereum is trading near $2,000 following a sharp pullback, as longer-term chart work suggests the move could be entering a final upside phase within a multi-year structure. On the daily chart, price action has compressed into a triangle, indicating momentum is cooling ahead of the next decisive direction.
Analyst Gert van Lagen said Ethereum has continued to trace a “textbook Expanding Diagonal” on a biweekly chart. In a post on X, he described wave ⑤ that began in 2018 as being in its late phase, with the subwave labeled ⑤-5-a already printing an all-time high.
Van Lagen added that the next subwave, ⑤-5-b, extended lower after Ethereum lost a higher time frame simple moving average. He said the decline filled a fair value gap between roughly $1,800 and $2,300, a zone highlighted as prior imbalance on the chart.
For the remaining portion of the structure, van Lagen framed ⑤-5-c as the final upside push, placing a projected target zone between $9,000 and $18,000. He also specified invalidation at a break below the level labeled ⑤-4 on the chart, which would negate the count under his framework.
On the daily ETHUSD chart, Ethereum traded near $1,972 as price compressed into a narrow triangle below the $2,100 area. The pattern followed a sharp drop from the low $3,000s, with lower highs pressing down while higher lows edged up from the mid-$1,800s.
The triangle reflects short-term indecision, with price capped below former support near $2,000, which is now acting as resistance. The article also noted that a similar compression phase occurred earlier in 2025 and resolved higher after price reclaimed nearby resistance.
On the same daily view, the broader range cited runs roughly from $1,150 on the downside to $4,950 on the upside, marked as historical support and resistance. Ethereum remains well below the upper boundary that has capped advances since late 2024.
Momentum indicators showed cooling pressure: the RSI hovered in the lower band and rebounded slightly from sub-30 readings as price stabilized. The chart highlighted repeated tests of the same support zone without a clean break, leaving the short-term direction unresolved as the market waits for a decisive move.
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