A recent analysis by a cryptocurrency analyst known as The Penguin has shed light on the current market dynamics of Ethereum. According to this analysis, Ethereum's price history since 2016 can be defined within an Elliott Wave structure that is time-consuming and choppy.
The chart labels the flat trading sequence in detail, mapping out W, X, A, and B legs that form the larger Wave 2 structure. The current price action is positioned within the final leg of the B structure, with an upward move to C expected from here.