The analysis on Ethereum (ETHUSD) tracks an ongoing C-wave advance from the December low, with the rally into the January 6th high identified as a potential third wave. Following this, a three-wave decline occurred, testing the support area between $3,213 and $3,295, which includes the 38.2% Fibonacci retracement at $3,249. This pullback, despite its depth, preserved the bullish scenario for higher prices. The market is currently consolidating around the prior January 6th high. To confirm the initiation of a fifth wave and a sustained bullish push, a breakout above the yellow trendline, approximately at $3,330, and the 50% retracement level is required. The primary objective for this anticipated fifth wave is projected at $3,500. Conversely, a break below the critical support level of $3,213 would invalidate the current bullish outlook and suggest the formation of a market top. Current upward movements are characterized as messy and choppy, indicating a need for more impulsive price action to clearly confirm the fifth wave progression. Further evidence is awaited for a definitive confirmation of the wave four bottom and subsequent fifth wave advance.