The analysis indicates Ethereum is likely still in its fifth wave, projecting upward movement from the April low of $1370. The structure being tracked is an ABC pattern to the upside, with a potential target around $5800, possibly slightly higher. There is an outside chance the market could break above the blue target zone, exceeding $7000. The analyst suggests risk is elevated, but the trend is likely not over. Since June, the rally suggests a five-wave move up. In an impulse, pullbacks should ideally hold above the 50% Fibonacci retracement level. Current pullback is holding above the 50% Fibonacci level at $3734. Breaking below $3374 will be a warning sign. In the short term, expect $4123 to be a critical support level and more volatility, likely seeing the price consolidate between $4123 and $4272 before fifth wave.