The analyst discusses Ethereum's market on a daily timeframe, addressing the question of whether a bear market has begun. He notes that pullbacks remain corrective, forming three-wave patterns, and support hasn't been decisively broken. As long as downward moves are three-wave, a bear market cannot be confirmed. He highlights the significance of five-wave movements to the downside, leading to support breaches, as a confirmation of a market top. Even breaking the support area around $3374, he notes a different scenario is possible. There is a chance to get one more high in a C wave. A break below $3374 shifts the structure. 50% retracement is key. A break above 4400 is needed.