Ethereum is showing interesting price action around critical technical levels. The recent movement tested the 78.6% Fibonacci retracement, followed by a push toward the 1.38 Fib extension on the upside. If Elliott Wave analysis holds, ETH could currently be forming a wave-(4) correction pattern—a typical consolidation phase before potential further moves. Traders are watching the $3,040 level closely as key support in this scenario. This price discovery phase combines multiple technical confluences, making it worth monitoring for the next directional signal.