The analysis focuses on Ethereum's short-term price action using Elliott Wave theory and Fibonacci extensions. The presenter identifies a WXY correction pattern with an ABC sub-structure in the Y wave. Potential downside targets are calculated using Fibonacci extensions of the A wave within the Y wave, placing support around $4200 and $4050. The $4200 level is the 100% extension. The analyst specifies two scenarios: a continued downward correction towards the identified support levels or, alternatively, a triangle pattern formation which would imply a sideways consolidation with higher lows and lower highs, while the swing low from August 20th needs to hold to validate the triangle. The analysis suggests the market is currently in a corrective phase, printing lower lows and lower highs. There is no sign yet of meaningful low and a five-wave move up. If the price cannot break out and if the market prints a messy slow corrective-looking three-wave like then a blue scenario with triangle pattern will take effect. If there is an upside breakout this will invalidate the analysis.