Foreign Video about ethereum so ethereum more Than even Bitcoin now really really Needs to bottom and we've got some Issues with with this count here now Because it just keeps dropping at the Moment we take a look at what that means It's not time to panic or anything Before we do that let's just take out Some of these support boxes they were Relevant they were long trade areas they Worked out but we just take them out Because they messed the shot up a bit Also the support and trend lines can be Taken out and also I'm going to take This out I'd like to leave this one Actually in place here Um this might actually become relevant In a different way now if we look at the Latest price action who knows we'll see Um again I don't really like trend lines Too much because they can shift and Change so we just need to see if they if That one becomes relevant if the um Price comes down to that level which Would be around 1260. Um A few people got uh got a bit confused I Think with the different scenarios that There are in fact there are actually Only uh two or three which are now Possible Um and we try to keep it simple so my View is still primarily that we should
Continue to move up here Also ethereum should continue to move up However the question is in what kind of Short-term setup does this actually Occur yesterday actually started to look Some promise quite promising in that it Looked like we had Um three waves complete here yeah three Waves and then we should have Um done here four into five now that was Done wave one yeah Um the problem is though that we did not Find support high enough so we dropped Lower which I told you then if this Happens if we really drop lower then I Have to consider this another sub wave Structure wave one and wave two it would Have been nice to count this complete Move as a one two three four five However we came down too low yeah so That is the alternative pattern we had On the chart and we said it would be a One two setup and for this one two setup Which is still a bullish setup however It's getting too unlikely if you have Too many of them a certain support level Needs to hold and we take a look at that But If you look at the chart now from the Swing low here on the 22nd of November We've got here a one two setup we've got Another one two setup we had here Another one two setup and this would be Another one to set up everybody who's
Familiar with Elliott waves knows that This is extremely extremely Difficult yeah to justify because it Basically means that all of these wave Tools and whatever ones and tools they Need their own Wave 3 so there will be a Wave 3 for this Wave two yeah after that one there will Be a Wave 3 after the White Wave two There will be a Wave 3 after the yellow Wave two and so on and all of that will Lead to a massive massive uh bullish Outlook however at the same time it's Getting unrealistic that is the moment When I start to favor so-called diagonal Patterns um I don't particularly like Diagonal patterns I use them only if I Have to but diagonal patterns can be Used when we have still a bullish Outlook which we have but they are two Um but we have a lot of overlaps yeah And when in in a different scenario you Can only get away with counting it all In in one two setups which at some point Gets too difficult yeah and gets too Unlikely so Let's first of all finish this scenario If we really say we have these one two Setups which would be a very bullish Outlook Which is at the moment still my primary Expectation but um I'm actually starting To think this is getting less likely Than the alternative but we take a look
At both and eventually it's all about Which support levels are going to hold Because even if the alternative diagonal Pattern the support levels are fairly Similar so it doesn't make a great Difference okay so the idea here in this One two setup would be that we need to Hold now that we've lost all the other Supports we certainly need to hold the Very important is the 1242 level here or 1240 we can call it that last support From the from Monday the 12th of December However ideally we don't even get there Ideally we are holding here yeah the 1265 level the 1265 level would be the Very important support for this one two Setup scenario from here we have a Chance to move up and if we drop below That level it would already make Um the ones who set up less likely Because it is the 78.6 FIB level and Dropping below that level makes it even Less likely now looking on the one hour Chart we are pretty much oversold on the RSI now so um that would make me think That at some point we should see a bit Of a bounce at least but then the Question is is this going to be an Impulsive move so the four hour still Has further space and scope to drop yeah On the four hour chart we are not Oversold yet Um important is to understand that
Ideally we reverse here And it would be quite an impulsive rally To the upside okay that is one scenario That's at the moment the primary but if We drop below that 1265 level I can't Really justify that anymore too much in That scenario then we would look at the Um diagonal pattern which would work out As follows my and again there's Different ways of drawing it I'm only Going to show you one which in my Opinion is is the next likely one Um and that would be here They have to move up that was a wave one Here where we topped on these or peaked On the 1st of December at around 1310 we then came down in a wave 2 that Was here the low on the 7th of December At around 12 20 and we're now basically In the third wave and within the third Wave we have done We think we have done yesterday With that Peak from yesterday we've done The Wave A we're now coming down in a b Wave And we'd be moving up in a c wave of Wave 3 next So it's a very similar setup that just The count is different the overall Target will be slightly different but it Allows us to understand and count this Still as something bullish because the Upside expectations are still there Until we lose critical support levels so
Um very important would be that we are Holding also here the Um swing low here from Monday which is At yeah 12 To make it very exact like 12 42 we need To hold that level down if we drop below That it will also create problems for This diagonal pattern so yeah there are Still bullish patterns obviously Available Um there's one okay maybe let me show You for everybody who doesn't wanna For everybody who wants to get a bit Confused yeah let me show you the other Um the other diagonal pattern as well Which um Suggests well let me just see Just need to think how that would Ideally So from this swing low we would move up This would be an a wave This would be a b wave And we would see here A wave three to the upside next yeah by The way in this pattern we've got Um Yeah we have here one a two And we're now in the third wave and this Is an a wave A b wave and we're moving up in C and Within the C wave which is always a five Wave move We've done here A wave one a wave two a wave three away
Four and would move up in the wave 5 Next Similar outcome as well yeah the however The difference is in the detail really So in all of these patterns we should Need or we should find support here very Shortly And that tells you a lot about if we Don't Then we're probably morphing into a very Bearish setup so it's for me very very Important to hold now I mean short term 1265 okay if we lose That level then 12 42 if we dropped Below 1242 I would give it one more chance at 1185 But if that is lost then I think we're Gonna retest the one thousand dollar Level but don't worry at the moment my View is still further upside Um maybe after a little bit more Downside but we should really bottom in All the scenarios here very shortly 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 member ship also check out Our Instagram and Twitter we also on Linked In This these days so yeah check That out you can find the links in the Video description and if you're Interested also check out our trading
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