Ethereum ETH Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Ethereum ETH Price News Today - Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Foreign [Music] Dropped a little bit more than it would Have been ideal Um If you've watched the last video I Already issued my my concern that the Move down was a bit stronger than it Would have been ideal and yeah now we do See the consequences in that the price Does drop a little bit lower then it Would be ideal and it cannot be a way For anymore because with this Wave 4 we Have an overlap with wave one so that Doesn't work And in addition to that we are just Retracing too much to make it work in Terms of the Fibonacci retracements that Would have been the yellow area the Ideal retracement area for the wave four Now because it is dropping more I mean The price sort of warned us about that Already because we had here a very very Strong sell-off as mentioned um in the Last video yesterday But of course as long as the support box Is still valid it's it's still valid but We certainly had some warnings with that Price now what do we do I did mention to You that if we [Music] Um If we if we know if we see here a Stronger drop than through than the

Yellow support box you know then I have To understand this not as a wave three And four but I have to create here Another one two setup that is the let's Say next likely option I'm going to take Out the support box because it's not Relevant anymore Um So what do we do we've got here the [Music] Um We've got we've got I'll take the sub Waves out because we don't really know And need them anymore and Um I am labeling this five wave move That you've just seen as a wave one in Itself we're coming down in two And then there will be a three four five So this is the next likely option Important is as always to understand What other support levels that Definitely needs to hold And important is here Withdrawal control we draw and then we Draw the fifths from the low here Important is to hold first of all very Important would be to hold the um 78.6 FIB level and that is at 1264 1265. It it should really hold that if it Doesn't hold that also the one two setup Will get unlikely and we're probably in Something more bearish which will I mean We could steal that in the very worst Case whole 12 41 which is the low from

The Um 12th of December this swing low Because such a 1-2 setup is strictly is Not strictly invalidated Until It Breaks The beginning of the wave one but of Course as you know it will you know it Will get unlikely below the 78.6 percent Flip level That it still works out so one to set up My view is Possibly not over maybe we touch the the Channel support and we'll see a bounce From there or have a slight drop below Channel support and um yeah but then Again if the Bulls want to carry on with This it needs to it needs to push higher Um what we see here at the moment is a Very choppy choppy chart it would have Been ideal to hold away 4 support Market Didn't do it and that is certainly a Sign of weakness Um Which doesn't necessarily mean this Whole bullish or short-term bullish Pattern is over because we are still Waiting for short-term further upside But you can see how much weakness in the Is in this chart now Um we have strong retracements one two That was ideal here one two that was Okay as well it was a complex correction Here one two that was fine and now we've Got another one two set up the fourth One is getting unrealistic now we've got

Too many Um so we get to a point where it really Needs to start already either now or From 1264 or this whole pattern is Probably not going to work out Um a pullback to a trend line is fine But If you have you know you have so many so Many strong retracements here which Just shows us you know we're still in The bear market right we're not we're Not um in a real bull run yet or Anything the sentiment is still you know Taking profits and selling into the Rallies Um And yeah what can I say other than we Need to hold this support area Which I think now we have a realistic Chance the way four was a bit concerned About here Yeah um we are now nearly oversold on The one hour chart so expect a bit of a Bounce anyway Okay four hours still has space I mean We looked at it yesterday when we were Still in the way four support box and we Were still quite overboard so that's What I mentioned be ready for maybe a Bit more of a decline Um But we are still not oversold on the Four hours so that is a bit of a concern Actually

Because for a really real Wave 3 rally We we want to be prepared right but it's All about you know do we hold this Support now or not understanding what Support is relevant for Wave 2 and Um then we need to just keep moving this Could also all of this could also be a More complex diagonal pattern which is Possible as well [Music] Um I'm just thinking What the correct wave count would be so You have the chance obviously as always To different different scenarios right Um we've got the main scenario here Where we've got the one twos one twos But they do get at some point a little Bit Um yeah a little bit unlikely right when You have too many of them so The other idea is to count it as a Diagonal and that we have basically I'm just going to show it to you with The with the yellow lines so we've got a Wave one here oh come on wrong tool Um Wave one here Wave two here So this is a bit different to our Account because we had a one two here And the one two but this is one two only One one two setup then we've got here The

A wave of the wave three The B wave of the Wave 3 and we should Move up in a c wave of the Wave 3 next If you ask yourself why does this F Wave 3 have ABC just because it's an um It can be counted as a diagonal pattern So here as well ABC Now ABC ABC and now This is a critical point here yeah Um this could be the a wave of the Wave 3 then hit the B wave of the Wave 3 and We could rally next in a c wave of the Wave three then there could be a wave Four and a five diagonal patterns as Always they are less reliable so I would Have liked to see Um an impulse and here we've got another Problem I've got a count where I've got A four one two setups now above three it Normally gets unrealistic a diagonal Pattern is Well it's unreliable as well and there's Different ways of how this diagonal can Be counted Um But the point is we need to hold those Support levels either way right it just Tells you a lot about can you how much Can you trust this count if you have 412 Setups or if we have Um yeah basically such diagonal pattern Right so things are getting tough here On the ethereum chart Um upside Target still I would say if we Can rally I mean 1400 1500 plus to be

Honest so certainly 1400 we should reach If We Hold This support level but then At some point it will get exhausted Again I mean another chance or another Way to count a diagonal pattern would be We've got to wave one here we've got a Wave two here so that's a solid one two Down there and then we had our Um A wave of Wave 3 here Our B wave of Wave 3 here and we're now Already In the C wave of the wave three But the C wave itself is an ending Diagonal so we've got here a one two Three four and should get one more leg Up see there's still there's still Enough counts that would support upside Which tells you a decent probability is There but also here if we lose this 1240 Level 12 41 it's gonna get extremely Critical so a really interesting day Today because today could be a decision Or this week could be decision about uh Where we're heading for the for the next Week and the next two weeks Um this is now critical point especially As we've come down to to key support Here the channel support that should Hold if not then we've got the other Levels I gave you the Fibonacci support Levels here at Um 12 UH 60 roughly yeah and 12 40. okay And that's my update about ethereum I

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