ETH: Expanding Ending Diagonal and potential decline to $900EthereumCRYPTO:ETHUSDasymmetric_patterns**The Thesis** Ethereum’s price action from June 2022 to August 2025 formed an **Expanding Ending Diagonal**. Unlike the impulsive 2020 rally, this structure signals a market that ran out of fuel, characterized by exhaustion rather than momentum. **Key Structural Markers:** - **3-Wave Sub-structure:** A 3-3-3-3-3 sequence indicates a trend struggling to find the energy to push higher. - **The Overlap:** Wave 4 overlap with Wave 1 is the structural confirmation of an exhausted trend. - **Expanding Boundary Lines:** Diverging trendlines reflect a "blow-off top" and unsustainable market optimism. - **The False Breakout:** The marginal new high at $4,941 acted as a final liquidity grab before the current reversal. **The Outlook** Technical theory suggests that when this pattern completes, the market unwinds to the origin of the move. For Ethereum, it's $900. We are currently at ~$1,750. While a further 45–50% decline feels extreme, the price is systematically clearing the liquidity from the terminal phase of the 2022–2025 cycle. **Watch Level:** Monitor the $1,500 support. A weekly close below this level would serve as the structural confirmation that the final unwind toward $900 is in play. If the 4-year cycle holds, we may see this bottoming process complete in early October 2026.