The analysis reviews the ETHUSD chart, noting its resilience despite market sell-offs. It focuses on the ETHBTC chart, predicting a likely pullback based on the structure since the April low. There's a three-wave move up consisting of A, B, and five waves in wave C. Due to the extent of the upside move from the June low, a larger five-wave move might form, suggesting the price may turn upwards in the medium to long term. The analysis says the market should not go in straight line.