The analysis assesses Ethereum's current market position. The presenter is concerned due to the lack of a bounce from the 78.6% retracement level at $3751.29. The upside reaction is weak, with a small green candle not confirming a C wave to the upside. Resistance areas are adjusted downward. The presenter notes a potential 5-wave decline and the importance of avoiding a break below $3374.37 for maintaining a bullish perspective, since it will have a impact on the larger time frame, the first sign to become bullish is a break above $4022. There's a micro support area, and further downside could break the October 17 low, with no current strength. The price needs to be above $4400 to indicate a meaningful low, otherwise, Ethereum remains range-bound. There is a lower trendline acting as a support around $3706.