In the ETH/USD 1W timeframe, 1750 becomes the key level to watch.
Bullish case (purple count): If we see a strong bounce from the 1750 level (23.6% of wave (iii)) to confirm wave (iv), we may be welcoming a wave (v) that takes ETH to $8000-12000 as well as a nice alt season soon.
Bearish case (red count): If ETH fails to hold the 1750 level, things may get very ugly in the next few years.
Bullish case (purple count): If we see a strong bounce from the 1750 level (23.6% of wave (iii)) to confirm wave (iv), we may be welcoming a wave (v) that takes ETH to $8000-12000 as well as a nice alt season soon.
Bearish case (red count): If ETH fails to hold the 1750 level, things may get very ugly in the next few years.