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The analyst provides an update on Ethereum, focusing on short-term price movements and micro-structures using Elliott Wave theory. The primary thesis suggests a bearish outlook, specifically tracking a fifth wave down. On the 1-hour chart, immediate resistance for ETHUSD is identified between $3007.76 and $3126.44. The expectation is that if the price breaks below yesterday's low, it should test the next support level at approximately $2774.96. The current pressure is downward, and as long as the market stays below the January 14th high, the bearish sentiment prevails. While an alternative bullish diagonal count is discussed, it is deemed less trustworthy. The analyst emphasizes that a clear five-wave decline would solidify the bearish leadership. After such a decline, a corrective bounce is anticipated. The invalidation level for the immediate bearish move on the short-term chart is above the resistance area, specifically $3126.44.