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The analysis on Ethereum (ETHUSD) focuses on short-term price action, indicating it is currently range-bound and testing a structural support level around $2887. The primary Elliott Wave count suggests that one more low is anticipated to complete a five-wave decline, with an inferred target around $2650. This move would likely break below the existing 'blue count invalidation' level of $2745, confirming the bearish short-term outlook. However, before reaching this final low, a potential bounce into micro-resistance areas between $3007 and $3126 is considered possible, or even a wider Wave 4 rally towards the upper resistance zone of $3189 to $3283. A decisive break above $3072 (38.2% Fibonacci retracement) would increase the probability of a larger corrective Wave 2 or 4 taking hold. The overarching sentiment is a final bearish leg before a potential larger reversal. Invalidation for the primary bearish scenario (completing the five-wave decline) would occur if the price decisively breaks above $3200.