The analysis suggests Ethereum is currently in a range but potentially forming a micro five-wave move upward. Key levels to watch include breaking above $4850 to confirm further upside. A diagonal pattern is identified, implying a wave one, wave two, potentially working on a third wave, with an estimated fifth wave target around $6800. However, until the $4850 level is breached, sideways grinding within the current range is expected. A potential A-B-C corrective pattern is also considered, with B-wave support between $4389 and $4526. A micro five-wave move down from current levels could signal the start of a C wave. The white scenario considers it in wave 4 with target $4000. In summary, the primary upside scenario requires breaking $4850, while a B-wave corrective pattern or continued range-bound movement are alternative possibilities.