The analysis focuses on Ethereum (ETHUSD). The analyst notes ETHUSD is currently holding above a support area and has reached the ideal target for an internal fourth wave, specifically around 4272. The analyst discusses a WXY pattern that has unfolded as expected. The speaker is not ruling out that the market may already be in a larger fourth wave, in which case, a diagonal pattern downwards would be expected with an ABC structure where the C wave is a diagonal. The current key level to watch is 4123; as long as the price holds above this level, the scenario for one more high in the larger third wave remains plausible. The analyst suggests that the correction is unfolding, and the channel is being watched for potential wave 5 and a breakout above the upper boundary line, where the corrective pullback, also known as a 1-2 setup in Wave 5, may start. They also note that 4100 is a level of structural support. For now, the analysts think the pressure remains downwards, especially within the price channel.