Foreign Welcome to another update video about Ethereum so today I said also in the Solana video I try to make everybody Aware about the current FTX hack or Insider activity so be careful all the Funds are getting withdrawn currently From FTX as per various news pages and Twitter so apparently there's reports That large sums of money are leaving FTX So honestly if you have anything left There it's probably gone I must be very Honest with you Um in addition to that they advise that You shouldn't update your phone app in Fact you should delete it and you should Not open the FTX website as they could Be malware now how true that is I don't Know but apparently a lot of FTX users Had prompts to update their app which is A bit fishy Um also I would recommend that you Change your password on other platforms If you're using the same password on These platforms and FTX alright let's Start with theorem ethereum actually Hasn't moved very impulsively after it Broke out of this kind of Triangle these triangles sometimes they Morph and they change in size I wouldn't Even call this a triangle anymore we did Break out to a degree maybe retest From Below now but that's sort of speculative So the point is still that we are below
This descending trend line I think that Is that is important and there's various Ways of how this can be drawn I think The most accurate one at the moment is Actually this and then you've got Um four touch points no five touch Points and we're still below this trend Line and then if we draw it like that we Might even draw the the triangle Differently So there you go it gives it another Chance to break out impulsively I mean It's typical Saturday fashion we don't Really see a lot the fact that um ftx's Bankruptcy plus ft the FDX hack the So-called hack or Insider activity Doesn't really lead to much more of a Sell-off actually shows that the sellers Are pretty exhausted I think um so There's a decent chance to move up from Here but it is low it is let's say low Confidence at this stage why is it low Confidence explained that in previous Videos because from the lower here that We saw on the 10th of November or 9th of November Um which could have marked um a more Substantial bottom we really moved only Up in three waves so we've got three Waves up Um I counted this as a truncated way Five To give it a chance to move up in a way Three because then we can count it as
Some kind of an Impulse Um five waves up right and then a b c Down which is also here fine we hit the Support area yesterday we only touched It briefly this could without a problem Go deeper into this support area so this Stretches all the way down to 11 30. as Long as we stay above 11 30 in the short Term it's all fine and this could still Be a wave 2 at the moment in fact what Could be the case is that Um we haven't seen an ABC yet but that This here is some kind of a No it can't be triangled because this Came down too low the only reason you Can still count it as an Elliott wave Triangle would be that you have here a Wave a then the wave B would be here This probably the C and this is a d that Will be an e and then we break out to The upside so that's possible but at the Moment I'm just counting it as an ABC And then here possibly already the first Like one two setup and we would move Higher Um but we need to wait for the breakout As soon as it gets above this um Descending trend line I think this is Some kind of a breakout signal right and Then it needs to follow through move Above the next resistance which would Would be at 1305 and then 1355 and then We can get a possible Wave 3 Target in The last video apparently I used the log
Scale I didn't realize it doesn't make a Great difference on the short term but With that I gave you I think a different Or wrong target for the wave 3. Target For Wave 3 would actually be the 1.618 Extension at 1662. Yeah so just be aware Red Red Wave 3. Okay now we could move up Um it's not high confidence though Because this is not a very clear five Wave move the wave 5 was actually Too Short it's a truncated wave five the Alternative is and it's possible as well That it that the wave one was an ABC so Basically wave one as a leading diagonal A b c yeah so three waves up count as ABC then ABC down or w x y down possible As well Um And then we have the next move up would Have to be in ABC as well so the reason For that is that if we count the wave One as a leading diagonal in a three Wave move also the also the Wave 3 would Need to be a three wave move and the Wave five they are just the two Possibilities so it's not impossible to Move up from here absolutely not it's Just getting you know I wouldn't even Say less likely it's just you have less Confidence until you see a wider pattern Evolve and obviously we need to hold a Support level of 11 30. So it needs a bit of um you know wait
And see a bit of patience but this is Certainly a breakout Point here this was The support area this was the sort of Area where I would expect the price to Reverse and get into in Reverse which we Did however we only entered it very Briefly So it's still possible to go down to all The way to 11 30 in this current wave Pattern and then move up in the third Wave that would also um That would also change the overall Target for the third wave then if we Come down a bit lower but yeah quite a Quite Friday it was as well so let's see If we get a bit more movement today I Mean we're obviously heading into the Apex and in a few hours we should see a Decision here okay let's update about Ethereum 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 please check out the Channel membership thanks a lot for Watching bye Thank you