The Ethereum chart shows a completed 5-wave decline to a key support level around $2,000-$2,250. The current price action suggests a potential bounce. The 1H chart shows the recent wave down has completed its 138% extension, indicating a possible end to the downtrend. The analysis suggests a short-term bullish outlook for Ethereum, with targets around $2,618.82, but downside risk remains until a break above $2,491.99.