ETH Cracks the Ceiling: Is Wave (C)’s $2,650 Target Now Inevitable?

ETH breaks above a key descending trendline as Elliott Wave analysis points to a $2,650 Wave (C) target, but one analyst warns the move could still be a trap.

The trendline held for months. October, November, December, all the way into early 2026 it capped every rally attempt ETH tried to mount.

Sunday’s daily close changed that picture. Ethereum pushed above the descending structure that had been connecting highs since the late 2025 peak, and the chart now sits in territory that most traders had not seriously modeled for May.

$2,650: The Number Everyone Is Now Watching

@Morecryptoonl on X flagged the development Sunday, pointing to the 100% Fibonacci extension around $2,650 to $2,657 as the logical completion point for the current wave structure. “No change to plan,” the account stated. The target has been on the chart since before this leg started.

Source: Morecryptoonl 

The Elliott Wave count in question runs through a corrective (A)-(B)-(C) sequence from the peak. Wave (A) carved the major decline. Wave (B) gave traders a bounce. The current move, now pushing above the trendline, fits the (C) wave slot, targeting a complete 100% extension of the (A) leg.

ETH was trading somewhere in the $2,320 to $2,370 range at the time of the post. Getting to $2,650 from there would represent a move of roughly 12 to 14 percent.

The Breakout That May Not Be What It Looks Like

Back on April 25th, @Morecryptoonl had posted a different kind of warning. Ethereum was then approaching the trendline, not above it. The post read: “without five waves up, any break above it is most likely a fake breakout. A brief overshoot, maybe 10 to 30 percent, and then the real sell off begins.”

That was nine days before Sunday’s candle.

The distinction matters. Per the analyst’s own framework, a trendline break without clear impulsive structure, meaning a clean five-wave move, does not carry the same weight as one with it. Which means the $2,650 target and the fake-breakout warning are not contradictory. Both can be right at the same time.

The Fibonacci grid on the ETH price chart shared by @Morecryptoonl shows extension levels stacked above the 100% mark: 123.6%, 138%, and 161.8%, which would put price somewhere between $2,800 and $3,200. To the downside, the same chart marks support at the 78.6% and 88.7% retracement zones, sitting in the $1,800 to $1,600 band.

After $2,650, the Map Gets Complicated

The broader thesis from @Morecryptoonl has not shifted. This entire advance, trendline break included, falls inside what the analyst describes as a corrective phase within a larger cycle, not the start of something new. The implication is a potential reversal or sharp pullback once the (C) wave completes near the $2,650 zone.

ETH reached an all-time high somewhere above $4,900 in 2025. The current range is more than 50% below that level.

Whether the structure playing out is truly corrective or the early stage of a new impulse is something the analyst flags as still open. Strong volume and a clear five-wave advance through $2,650 would raise questions about the corrective interpretation. Anything less, and the setup plays out roughly as mapped.

“Do not confuse price movement with trend change,” @Morecryptoonl wrote April 25th. The chart has moved. The trend is still being decided.

Disclaimer: This article is based on publicly available technical analysis and X commentary. It does not constitute financial or investment advice. Price analysis reflects the views of the cited source.

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