ETH/USD 4H | The Next Impulse or Another Correction?Ethereum / U. S. DollarKRAKEN:ETHUSDMehdi_Abbasi_EWPReading time: ~3 minutes Is Ethereum Preparing for Its Next Bullish Wave? Following the previous corrective structure, Ethereum has developed a strong upward move and is now approaching a critical area where price behavior may help reveal its next direction. In the bullish scenario, the recent advance could be the beginning of a new impulsive structure. However, another correction may still unfold before the next leg higher. The 38.2%–61.8% Fibonacci retracement zone marked on the chart provides an area to monitor for a potential corrective completion and the development of the next move. If price forms a valid bullish structure after the correction and breaks above the $2,807 confirmation level, the path toward higher targets could become more favorable. Target 1: $2,807 Target 2: $3,524 Target 3: $4,680 These levels are potential checkpoints for evaluating the structure, not guaranteed destinations. What matters most is the quality of the advancing waves and the corrections between them. The Alternative Scenario: When a Correction Turns Into a Larger Decline We should not assume that an apparently impulsive advance automatically confirms the beginning of a larger bullish trend. Until the structure develops and provides sufficient confirmation, the alternative remains relevant. If Ethereum fails to sustain its bullish structure and the next move develops with corrective or bearish characteristics, the larger correction may still be unfolding. A break below $2,463 could signal weakening bullish momentum, while the $1,505 area marks an important invalidation level for the bullish scenario and a potential confirmation of the bearish case shown on the chart. In that situation, rather than forcing a bullish count onto the market, we would need to reassess whether Ethereum is developing a more complex corrective structure or beginning a new bearish leg. Bitcoin's Influence and Ethereum's Independent Structure Bitcoin, the largest cryptocurrency by market capitalization, may play an important role in Ethereum's next move. However, the correlation between these two assets is not constant. It can strengthen, weaken, or temporarily turn negative under different market conditions. During the previous cycle, Bitcoin reached a new all-time high while Ethereum remained caught in a much larger corrective structure. This is an important reminder that Bitcoin's strength alone is not enough to confirm Ethereum's bullish scenario. ETH must demonstrate structural evidence of its own. Final Thoughts For now, the key question is whether the current correction will create the conditions for a new bullish impulse or whether the market will extend into a larger corrective or bearish structure. Price must reveal the path—not our preference for a bullish or bearish outcome. For a broader perspective, I've also shared an update on Ethereum's historical structure on the weekly timeframe today. That analysis provides the larger-degree context for the scenarios discussed here. – Patterns whisper. I listen. – Mr. Nobody 🎧📊 Ethereum 1 hour ago ETH/USD | Running Flat or a Larger Correction? Ethereum Jul 12 Ethereum | Is the Major Correction Ending, or?