Foreign Hello and welcome to another update Video about ethereum just want to focus On the lower level price action in this Video I talked about the overall context Extensively in the last few videos so Feel free to check out my previous Videos If you want to get some more Detail about that but overall this is The view here currently still of Ethereum unchanged from the previous Video we didn't have a lot of price Action today so the count that is on the Chart hasn't changed yeah on the lower Time frame here it hasn't changed Um we talked about these situations the Assumption that we can currently make That we have a bullish scenario here at Play at the moment we still need to be a Bit careful at the moment because this Here is at best Um a five wave move with a truncated High that is not great yeah and it's um Costs the chart quite a bit of Reliability especially in the short term So the assumption that we now bottomed At 1 1072 is going to be tested in the Next move down it will be the next move Down that will seriously test this sort Of let's say bullish reversal scenario That we have on the chart here Um the point where I put this on the Chart even though it's sort of Questionable is because we were sort of
Massively and the overall context of the Chart is still very bullish so this is The Assumption I have to make because if We drop below a 1072 which is the low Here from the 9th of June uh 9th of November I think um this chart is going To get into trouble it then will have a Last chance to keep the bullish scenario Alive as long as it holds above one Thousand dollars but it will get Challenged massively so at the moment The assumption is that we are seeing Here five waves where we saw five waves Up all the way with a peak of 1342 again Only a truncated wave which isn't great But the um again the move down the Retracement that follows this wave one Because this would be a wave one Consisting of five waves Um I can actually put it on the chart This Um let me just put it on the chart first This would be a wave one then we would Come down here in two move up in three Come down and four move up in five So yeah basically like that Um but the Assumption will be challenge Or the Assumption let's say the Assumption of Um this being a reversal currently after The sell-off in the last few days that Um scenario will be confirmed either if We get a three wave pullback Into this region and we're going to hold
The support here between 11 30 and 12 12. Which is based on the Fibonacci support So That would be based here on the um area Between the 78.6 percent retrace and the 50 retrace that is where you would Normally expect a wave 2 to get into not Drop below it if it drops below it it Will massively risk of losing those 1070 right and then we're in trouble Um but this this holding this support Area will confirm the bullish scenario At least give it much more credibility Credibility and then the move above the Wave one high here At 1344 will confirm the breakout Um So in this scenario yeah we want to see Three waves down if we see five waves Down we're gonna get into trouble Because five waves down indicate that The trend is still down and Um should we already earlier than Expected so already now see a breakout Above 1344 well then we could consider This an overshooting wave B again that Is rather rare Um or already the breakouts to the Upside but ideally in an ideal scenario I would like to get the price to get Into this region in three waves and then Move up in a very um Sorry in a very impulsive fashion
Afterwards so um This is currently where we are Unfortunately ethereum is not in a very Very let's say clear breakout or Reversal pattern because this fifth wave Was too short yeah and also the third Wave wasn't really long enough that is Why I'm telling you that I want to see The three waves down As confirmation Um and we need to get some sort of Reliable reliable statements here that Um this has bottomed important also to Understand is that this is you could Consider that an ascending broadening Wedge that is a rather bearish pattern And these are rare as well but it is Certainly something in which we operate In here and that we need to be aware of Overall looking at the indicators On the one hour Um we see a little bit of upside here on The macd bullish crossover just shows That the Um B wave here could still go on for a Bit on the four hour we still see Bullish momentum actually so this is not Reducing so what actually Still confirm here further upside maybe Even in this wave B and maybe we get an Overshooting wave B but generally Um also the RSI is supporting still Higher prices so we're not over 40 or Anything right and if we now go to the
Daily chart Here you can see that the negative Momentum has been or is currently Reducing On The Daily that is a possible reversal Indicator To the upside right but it's still too Early to really confirm anything here we Just need to be aware that this is of Course um possible it's currently an Opportunity the market can use and this Would be a yellow support area where a Long trade could be entered now I'm not Telling you to do it it's just a Possibility where this could be done With the stop loss that could be set Quite tight and I might do that if we Get into this area of course you'll know That if you've joined the channel Membership so yeah it's still time to be A bit careful at the moment we haven't Got a reliable breakout signal but this Is an opportunity that we can follow as Long as it until it gets invalidated Basically right so play a little bit of Of um Fibonacci support and resistance Here while we are trying to move higher Okay and that's my update about ethereum I hope you like the update if you did Please hit the like button leave a Comment and subscribe and if you really Like the content then please check out The channel membership thanks a lot for Watching bye
Thank you