The analyst discusses the current state of Ethereum (ETHUSD) using Elliott Wave theory, noting it's in a corrective range, specifically a Wave 4. He emphasizes capital preservation during corrective phases, suggesting reduced sizing and wider stops for trades. Although the weekends showed very little movement, ETH is above its immediate support area, the analyst notes that Wave 4 could extend down to $3374.66, technically. He suggests ideally it should not break below $4050, which would cause him to re-evaluate his opinion. To confirm a bullish continuation, the analyst looks for a break above recent swing highs near $4495. Currently, ETH is forming lower highs and lower lows on the short term, however, overall he remains bullish as long as ETH holds above $3374. Target price is roughly $6192.52, the 161.8% extension. The main trend element is topped on the third wave and a fifth wave should happen.