ETHEREUM - Huge Elliott Waves Formation Ethereum/USDTOKX:ETHUSDTRobertMercerEthereum is currently approaching the final stage of a global accumulation phase, structured as a complex W–X–Y–X–Z correction, which began after the breakdown of the previous impulsive cycle (1–5) and the following ABC corrective move. Macro Structure: After the completion of the bullish impulse (1–5), the market transitioned into a corrective regime, forming an extended and complex structure rather than a simple pullback: The initial decline formed an ABC correction, marking the shift from trend to accumulation This was followed by a broader WXYXZ formation, typical for prolonged accumulation phases in high-timeframe markets The final Z-leg acted as a liquidity sweep, breaking below prior structure and forcing capitulation Formation of the Current Range: The bottom formation (WXYXZ) created a structural floor, from which the current range developed. Since then: Price has been consolidating within a rising channel / range Volatility has been compressing under a major resistance zone Market behavior aligns with re-accumulation rather than distribution This suggests that the market is absorbing supply, not distributing it. XY Development: From the upper resistance zone, price formed a corrective XY structure, which is critical for understanding current positioning: Wave X → Y defined the internal corrective leg within the broader accumulation The Y wave established a key support trendline (dynamic support) This trendline is currently being respected, with price bouncing directly from it This reaction confirms that the structure remains technically valid and buyers are defending higher lows within the range. In conclusion, Ethereum appears to be in the final stage of a prolonged accumulation phase, where a completed correction and a well-defined structural support are now supporting the price. This combination suggests that the current consolidation is more likely a phase of compression before expansion rather than distribution. As long as key support levels hold, the chances of going up are much higher, with a breakout above resistance potentially marking the beginning of a new impulsive leg in the cycle.