The analysis discusses Ethereum's price action on the hourly chart, noting a previous pump and dump scenario with no overall progress. It highlights that recent upward moves have been corrective three-wave patterns, failing to decisively break above the A-wave high. The price is currently within a B-wave support zone between 3751 and 3850. The analyst notes that the chart is prepared for a potential upside reaction from this zone, targeting a rally towards 4400. However, a drop below 3751 would make it difficult for the bulls, increasing the likelihood of a move down to 3374, which is noted as a potential larger degree fourth wave target.