The analyst is tracking a wave 4 correction on the ETHUSD chart. There is no current evidence that wave 4 has bottomed. The pullback looks corrective, suggesting at least one more high in the larger degree third wave. As long as the price holds above $4,123, the pathway discussed in the previous video remains valid. The price is currently trying to break out of a price channel, but there's nothing convincing yet. The wave structure is interpreted as a complex correction, specifically a W-X-Y structure, where the Y wave would be an A-B-C structure. The target price is estimated at $4762, which is the 50% retracement level.