Ethereum: What If the Rally Since 2022 Was Only Wave B?EthereumCRYPTO:ETHUSDINNERVECTORMost investors view the 2022 low as the end of Ethereum’s bear market and the beginning of a new long-term bull cycle. But what if the structure tells a different story? Looking at Ethereum on a logarithmic scale, the entire advance from 2015 to 2021 can be interpreted as a completed 5-wave impulse. If that assumption is correct, the market may have entered a much larger corrective phase after the 2021 peak. In this scenario, the 2021–2022 decline becomes Wave A, while the recovery that followed is simply an extended Wave B. What makes this interpretation particularly interesting is that Wave B does not necessarily have to remain below the previous all-time high. In an Expanded Flat correction, Wave B can revisit or even exceed the prior peak, convincing market participants that a new bull market has begun. These are often among the most deceptive structures in Elliott Wave Theory. The sequence typically unfolds as follows: • A sharp bear market decline creates pessimism. • A powerful recovery restores confidence. • Price approaches or exceeds previous highs. • Investors become convinced that a new cycle is underway. • A large Wave C follows and catches the majority off guard. From a psychological perspective, this scenario is especially compelling. Today, the dominant narrative is overwhelmingly bullish. Institutional adoption, spot ETFs, and long-term price targets continue to reinforce the belief that crypto is entering a new supercycle. But markets rarely reward the expectations of the majority. The most painful moves often occur when participants become convinced that the future is obvious. If this interpretation proves correct, the rally from 2022 may eventually be remembered not as the beginning of a new bull market, but as a large corrective Wave B within a much broader structure. That would imply that the final capitulation phase has not happened yet. I'm not claiming this scenario will play out exactly as shown. It is simply an alternative roadmap that deserves consideration given the current structure and market psychology.