The analysis suggests Ethereum has potentially formed a B wave top. The analyst believes a fourth wave bottomed in August, and a fifth wave topped around August 14th. The key support level is around $3374. As long as this level holds, the analyst considers this a Wave 4 correction. A decisive break below $4050 would be concerning. The analyst is tracking an ABC structure, with Wave C currently unfolding. Expect at least one more low in the Wave C decline, targeting the area between $3955 and $4060. The analyst sees the market to continue it's bearish trend, but he highlights that the market has not confirmed a major top, with $4575 as a first warning in the blue scenario.