Foreign Welcome to another update video about Ethereum we are going to take a look Here at the lower level the lower time Frame price action today Um with ethereum we are still observing And looking at possible bullish outcomes For this movement that occurred since The low that happened here a few days Ago yeah so with ethereum the challenge Is that it only made really three waves To the upside that's still a concern That reduces the probability of a Possible bullish outcome And but we can obviously observe it and Focus on it until it gets invalidated Because really ideally it turns around Now and moves to the upside all It will have severe difficulties because If it drops below the low from the 10th Of June 10th of November or 9th of November it will most likely which is at One thousand and 73 dollars if it drops below that it Will probably also drop below the one Thousand dollar level and the drop below The one thousand dollar level will Invalidate or well at least Most likely lead to invalidation of the Bullish the overall bullish pattern we Have here where we had a wave one to the Upside and the wave two down Followed by Wave 3 to the upside this is Still possible and I think it would have
Been much easier without the whole issue Around FTX because Um ethereum received a surprising Sell-off here we did expect a sell-off But not to that degree so that was in my Opinion linked to FTX as the entire Crypto Market obviously sold off to a Very strong degree Yeah but um in the last video I also Showed you the bearish outcome how would A bearish outcome look like yeah and Then we would um yeah lead it would lead Us down to a thousand dollars break that Break below the low from June which is At 880 and then we would probably go to 650 and maybe even lower yeah so that Actually points in the let's say worst Case into an area between 300 and 400 But for me not very likely until we go Below a thousand dollars so in the lower Level price action or time frame we said We are going to look at the potential of Some more short-term downside and the Breakout to the downside of this Triangle in a c wave Here Um to make a lower low in Wave 2 in the Yellow box because we already came into It but it wasn't really a convincing low Um we could count this here as an um Yeah a b no sorry A B C and then this as Something else but the C wave here would Have been a bit too short therefore I've Decided in the last video
To count the move here as wave a then The triangle as a b c d e with a break With an expected break to the downside Back into this yellow box and then most Likely a move to the upside from here Well I'm saying most likely as I just Said this is not high confidence Um generally here bullish outcome Um it is it is something the market now Needs to show us because Yes we've seen a let's say reasonably Well recovery since the low on the 9th Of November but we were also massively Sold out the problem as I said is that We've only seen three waves up you can Count it as a five wave structure but You would have to go with a truncated Wave scenario or alternatively you can't Move up as an ABC in a leading diagonal Of wave one also not super reliable So here's really about wait and see I Think and um hopefully the triangle did Help you because with the triangle we Did break out of it to the downside and We also broke below the low of the D-wave already not substantially but we Broke it so that is at 12 38. we've Moved back above it but actually the Fact that we broke out of the triangle To the downside briefly went below the D-wave low Is an indicator that the triangle has Broken Um really evident for that will only be
Obtained as soon as we go below the low Of the wave B and that's at 1200 and my Statement from the last videos still Stands that as long as ethereum is above 1 no 11 30 here we can focus on the Bullish scenario at least carefully you Know so let's take a look at the target For the third wave We take the um take the length of the Of the possible wave one and we go down To the I mean we can go down to 11 30 Just assuming we might see lower low Here because we haven't really reliably Bottomed in wave 2. Um so at least there's no evidence so a Target in that case would be 1587. if we Have already bottomed in wave C Then it would have been here At 1200 then the target for the third Wave would be 1662 and you can see how The targets depend on the waves the Previous waves Therefore targets sometimes change if a Previous wave get long it's longer or Shorter Um but yeah this is really where we are I mean we've broken out of the triangle You could say but in my opinion it's not A reliable break yet I mean you can see it Um we've even retested from from below And were unsuccessful now we've got an Engulfing red Candle on the hourly now The hour is not closed so the only
Candle is still open But it in my opinion doesn't really Indicate a lot of strength and what we Could have here in this in the C wave And that's at this moment speculation But we could have a one two here the Three the four and the five to finish Off Um To finish off that five wave move within A wave C right so that's all possible And we can focus on that for now until It gets invalidated a breakout now above The previous high so above 1271 would Indicate that this pattern is not the Correct one and that something else is Going on maybe already something more Bullish but If something more bullish is going on I Would like to see a breakout first of All above 1284 and then also above 1304 And I think that is really good Confirmation that we're going to move Into this to this target that I just Showed you around 1500 to 1600 US Dollars so yeah that's my 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