Current scenario
Ethereum is presently vying for the $2,000 mark.
With a few sell-offs but nothing particularly noteworthy or unexpected, yesterday's trading was largely uneventful and kept things where they are in our current scenarios. The idea is to create a base, establish a bottom, and then start the upward trend again in this area.
The analysis does not provide any additional clarity, thus the issue stays the same. There haven't been many noteworthy developments, so it's not that thrilling. But the short-term positive outlook is currently being questioned.
According to the main scenario, around November 17, a wave 4 low is thought to have formed.
Wave 5—which consists of five waves—is predicted to drive the price up to $2,300 or more.
Each of the five waves has three corrective sub-waves. The B wave of wave 3, which is thought to be corrective, is the subject of current attention. The present wave structure may change if a break below 1965 occurs, with 1930 serving as a crucial level for any potential upside move or reset of the broader fourth wave.
Alternative
A second situation has a flat structure with a wave down, high B wave, and C wave down, and it involves a more intricate correction. Only a break below 1965 would be taken into consideration for this scenario, based on chart data.
Both wave counts make sense in the general scenario of one additional extension higher, but the structure is unclear. In wave five, the most important question is the pathway: does it go straight ahead or involves both upward and downhill movement?
The requirement for a break above the Sunday high at 2095 in order to validate a low is an important aspect. On the other hand, a break above the $2040 major swing high might signal the start of wave C's upward movement, which would aim for $2200 or higher.
To sum up, Ethereum is currently in an unsettled stage, with several realistic scenarios being evaluated and significant milestones such as 1965 and 1930 acting as critical crossroads for evaluating possible outcomes.
