The analysis discusses the Ethereum chart using Elliott Wave Theory, suggesting a possible ending diagonal pattern. A key resistance level is identified at approximately $4850, and the analysis suggests allowing a price retracement to the 50% level, around $3374. A decisive break below this retracement level would signal a larger correction. The analysis highlights a correction of 25% to 30% so far and notes the market is holding above the 38.2% retracement level. Sideways action has been observed since October 10th. It mentions the 21-week exponential moving average around $3800 and the 55-week exponential moving average, indicating that prices are currently above both. One more low is possible but if ETH holds above 3374, one more high is expected, with resistance around $4400. A shorter-term analysis on the 1-hour chart indicates support between $3726 and $3816. Overall another move up is expected if ETH holds above support in the near term.