The analysis discusses Ethereum's recent performance, noting its struggle at the 4612 level, which is the 78.6% Fibonacci extension. The analyst targets the 4850-4900 range, referencing the 2021 highs. The video highlights the break above 4100, increasing the likelihood of reaching higher targets. Ethereum dominance and ETH/BTC charts are mentioned as indicators of Ethereum's potential outperformance against Bitcoin. The analyst notes the ongoing third wave, which tends to extend and emphasizes the importance of monitoring ETHUSD for a pullback. If a pullback happens, a break below 4427 would signal an increase, while ideally, the price would stay above 4100. The analyst emphasizes the trend remains upwards and expects the third wave could extend further and considers that potential 4th wave pullbacks will be tradeable if in line with trading plans.