The analysis focuses on Ethereum (ETHUSD) potentially finding support to continue a larger third wave. The analyst highlights that support needs to be established around the 4120-4130 level to maintain the possibility of another upward move. The analyst suggests that the cryptocurrency could morph into a larger fourth wave if this support is not sustained. The analyst suggests that Ethereum is in a similar situation to Bitcoin. The analyst says that if Ethereum has another high, it should happen from the current price point. The analyst emphasizes that the 4120-4130 area is not only a key structural support level but also Fibonacci support, and it represents an area of significant liquidity. He mentioned the Ethereum Heatmap earlier in the video.