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The analysis on Ethereum (ETHUSD) on the daily timeframe suggests a bearish trend continuation due to the lack of a confirmed five-wave up move following the last swing high. The price action shows lower lows and lower highs, indicating a downtrend. However, the presence of a triangle pattern on the lower timeframe suggests potential for a bullish breakout. The speaker also noted that if the price breaks below the initial support level and fails to form a five-wave uptrend, further downside is likely, potentially targeting $2,626.77 to $2,258.13. The current price action indicates a possible retest of resistance around $3,301.39, but a definitive directional clarity will depend on further price movement and confirmation of wave patterns.