The analysis identifies a completed 5th wave down in Ethereum, suggesting a potential completed C wave to the downside. The C wave requires a 5 wave move for validation. Five waves have been identified, the market reacted to resistance and support has been reached. It's proposed that Ethereum may be in an A-overshooting B-C wave down pattern. A 100% Fibonacci extension is added, overlapping with the Fibonacci retracement support area between $3,633 and $3,861. The 100% extension was reached. The analysis suggests this area could mark the beginning of a C wave up if upside momentum is observed, pending a 1-2 setup. Bitcoin is reported to have formed a micro 5-wave move up, but this is deemed not reliable.