Foreign Video about ethereum so ethereum um has Dropped after the last video that was Not unexpected we made a slightly higher High we put in my opinion away 5 in Place here as you will remember from the Previous video now this high was Slightly higher than the previous one I Can count it as a wave 5. it's not ideal It's a bit too short bitcoin's pattern Was clearer yeah Um but we made a higher high and the Minimum expectations for a five wave Move were fulfilled it's a very similar Structure to what we had here you see That if you compare that structure Here With exactly this structure You'll see it looks very similar and Also here we had to deal with the Correction afterwards yes also here I'm I'm not convinced that this correction Is over yet I have to be very honest With you Um But we're going to take a look at that In a minute but yeah I mean generally as Long as we're holding first of all short Term above 1300 or 1296 1296 is the key Support level and Let's say the more important support Level is actually down here at 12 40. as Long as I'm holding or we are holding Above 12 40 I am focusing on higher okay
Below that we might retest November lows And maybe get even lower So I don't know if you've been if you Participated in the live stream today The FED interest rate live stream I know In the in the previous video my target Was here I think 1358 was the target I Mean we came all the way up to 1351 Um that is pretty pretty close Um it would have been nice to push a Little bit higher but in the live stream Very much in the beginning even before Um the FED interest rates were announced Yeah by the way it's been obviously 50 Basis points probably everybody knows Now which is sort of in line with Expectations but as far as I know they Have they have announced that they are Going to probably reach increase the Peak rate um in next year so it might The rates might increase a little bit Longer or a little bit more than Originally anticipated by the market That is probably what triggered this Small sell-off but it doesn't change the Overall trend right Um So what did happen actually we looked at It in the live stream we said okay you Know maybe this high is already in and We look at this chart for 20 minutes and I said look It's probably in yeah if we we might Miss the Target by whatever seven
Dollars eight dollars but what I would Expect is a sell-off yeah especially for Bitcoin as well in ethereum as well if You've been in the live stream Especially in the beginning of the live Stream you'll know that in a defined a Support area here 4084 and we did we did That we came down yeah it was very Obvious because Bitcoin had rallied so Much not if you're not that much but Bitcoin had rallied so much before the Decision Or the announcement Um and it was so much overboard that it Was quite I don't want to say clear Because it's never entirely clear but it It could be assumed that a local high Was in place and that was pretty much in Line with the Elliott wave count here For ethereum as well the elite wave Count was pretty clear Um again pretty clear rather clear that Away 5 was at least nearly in place I Mean we don't want to argue about about Seven dollars I mean honestly Um But and also if you look at the Target Wave one high yeah if you add it to the Wave four you know the 1.236 extension Was was reached I would have liked to See the 1.618 Okay wasn't there but um it moved a bit Higher than wave three so it then came Down into this support area uh you can
See how the price reacted here to the 38.2 percent flip level that is what you Would ideally expect in a way for anyway So that's fine Um however the sell-off is quite strong So I'm not entirely convinced yet that This move down is finished to be honest I don't think it's finished yet we Always need to be ready that the price Reverses and would then move up in a way Five here in yellow as soon as we hit Such a support area but the move down Was very strong it's very very hard I Mean if I want to say okay with maybe Wave 4 was finished which it could be But then I would have to identify a Three-way structure in this small Pattern um On days like these this is sometimes Very hard to do Um especially if you have such a strong Yeah you know um if if you have such a Strong sell-off like that Um but on the three minute chart we can Maybe do that or five minute chart five Minutes and actually to to look at a Pattern like that when you have such a Strong sell-off five minutes is not too Bad Um I mean you can always make you know You could make the case that we've got Here Um So it looks like five waves down to me
One two and here maybe the three the Four and the five yeah so that could be An a wave and we might not be putting a B wave in and then there will be another C wave but um yeah I'm not convinced Again because this move down looks quite Impulsive so it could really be an a Wave now what does it mean does it mean It's not going to work out well ideally Honestly ideally for an immediate move To the upside for an Impulse tier which Was which would be which would be the Best pattern we can get the clearest Pattern we should move up now and we Would then be looking at the 1.618 Extension Target would be No sorry the 2.618 extension yeah four Way five we might be looking at Something like 1430 here and this way Five or three yeah something around that That area right Would it be a disaster if we drop below The 1296 level no it wouldn't be a Disaster I would then have to count this probably As another one two setup From here so one two and then another One two Or or Um we count the move to the upside as a So-called diagonal pattern yeah Um so basically a channel in which we're Operating And in this sort of Channel we could
Find support somewhere around the Channel support or trendline support Maybe around 1277 if we come down Depending on how long that takes now we Could even come down a bit lower so it Would really become a problem if we drop Below 1241 then we've got one more Chance at 1185 but that's getting Unlikely now because we've basically Moved up quite a lot so if it breaks Down now we might consider that the the Higher was in if we break below Um 12 12 40 which was here the swing low so Yeah in summary I think we are still in This pattern to the upside at least I Will assume that especially as long as We're holding the yellow support area if We drop below that we've got a fallback Support at the ascending trend line and Then in this yellow box but if we lose This yellow box I think we're going to Retest November lows also in summary I Don't think the low was already in here It would be nice but the sell-off was a Bit too impulsive to me Um obviously nobody's got a crystal ball Nobody really knows the future but from Looking at the structure and that's what I what I said earlier today I was a bit Concerned when I looked at this move Here as well it came down quite strongly Um I've just got another idea I think Just got another idea but yeah it came
Down quite strongly moved up quite weak And came down strongly I mean it could Be and but that's you know obviously you Always have different patterns that are Possible That would be possibly even more bullish Would explain the strong sell-off from Today Um the questions then how do we Construct that for Bitcoin but it could Be that this way five would never Finished this way full finished today And then we had an a b c pattern here Overshooting wave B the only thing I've Got an issue here with is that this move Down looks to me more like a five wave Structure well in the end this is only The you know question of details because Also in this pattern here We never broke below the 50 retracement Did we no we came down perfectly to the 1300 level so maybe that's even the more Relevant one to be honest Um but again this is all question of Details really doesn't really change Much because you know here we've got an Evalidation point of 1300 with the other Pattern we've got one with 1296 so I Would not get hung up too much on that Then it's getting more important than Um what are the key support levels and Which need to hold what are the Fibonacci support levels and we don't Want to argue about four dollars you
Know um that is probably not too Relevant but yeah it doesn't look to me That this move down is finished ideally We are getting a stronger retracement Now to the absolute bit of a recovery Um and then have a bit more space here For one more like down without Invalidating the yellow box Um But yeah again I made my my point clear That I think we are going to see more Upside here as long as we're holding Above these two support areas it's just The question is just what kind of Pattern is going to work out right 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