Foreign Video about ethereum as a new trading Week begins there is only a few hours Left in this current week we take a look At the weekly candle we take a look at The shorter time frame pattern and we Start with a daily chart actually so Let's take a look at the daily Um ethereum is still here in my opinion In a scenario where we have a really Good chance that the low is already in At 880 I think even if Bitcoin makes one More low there is a chance that ethereum Is holding the one thousand dollar level If it doesn't then that would open the Door as previously stated all the way up To 880 dollars and then even 650 and Maybe lower 650 would be an important Support level Um so yeah it's just important that you Know that because nobody can promise you That the one thousand dollar level which Is a key level is going to hold a few People ask me again about like what's Like the long-term outlook for ethereum Or at least like the next all-time high Target and we talked about that before But it's sort of in the region between The 1.618 Fibonacci extension and the 200 percent extension between eight Thousand two hundred and ten thousand Dollars based on this larger cycle here Where we're assuming this was a wave one In May 21 and we're now coming down in
Wave two or well actually that Wave 2 is Already finished and we're already Moving up in the oops no in the third Wave to the upside and that is that Third wave that could reach us uh take Us to these price levels right so I Think that's quite attractive Um but long term obviously the target is Much higher this is sort of for the next Let's say the next larger cycle to the Upside the next Bull Run Um so far the overall scenario has Worked out Bitcoin has made has Forecasted a lower low ethereum hasn't That has been likely yeah that that was Highly probable because ethereum has Made a much better impression since the June low than Bitcoin for example so This scenario so far has worked out the Thing is now that ethereum just needs to Hold this one thousand US dollar level And overall in terms of long-term and Dollar cost averaging I think the Current price regions are fairly Attractive now of course as you know This is not Financial advice but getting Into this price region again I remember A lot of people regretted not buying Here around the 1000 to 1 200 level yeah A lot of people did regret that and There you go we have here I know now Again as it always is a lot of people Are scared and they won't buy and then When the price does go up or should the
Price go up then they will regret it Again now I'm not telling you to buy but If you buy Don't you know well if you don't buy Don't regret that you haven't bought it Right because it is always what it is Um the advantage of the current price Region is that we are pretty close to The invalidation point of one thousand Dollars so stop losses can well it's not In validation at one thousand don't get Me wrong but the break of the one Thousand dollar level will just open That door to the June Lowe's Um which means and if you look actually At the daily chart you can see that Below one thousand dollars there was Really only a week so there isn't really Massive support Um to the June low the point is that the Stop loss can be set quite tight so There is a low risk High reward trade if You consider building a core position And Um the possible reward or the trade Could go in the end to around let's say Eight to ten thousand dollars as we have Just seen I think risking Possibly two hundred dollars or 250 Depending on where you set your stop Loss is something that can be justified Okay and if the trade doesn't work out It doesn't work out but then you've only
Risked let's say a lower amount and the Rewards would have you know the postal Rewards risk ratio is just good that That's what it is right and should it Not work out then you just reset lower And you move your trading range lower so That's just what it is Um overall still The View that there is A potential that ethereum's low is in Also in this wave too yeah so obviously We had the one the larger one too and Then since the June low we've got Another one two set up talked about that Extensively wave one here this must be The wave two if it's not then this is a Bearish wave pattern but that would only Really get into Force below one thousand Dollars at the moment I'm still looking At this as a one two setup where I would Personally buy the wave too low and then Would move up in the third wave next Yeah To do that we need to hold the one Thousand dollar level of course which Means if we drop below the low of the Ninth of November Which was here around 1075 that will Bring us already dangerously close to The one thousand dollar level of course It wouldn't mean we break it but any new Low Would of course not be good for the Chart at the moment we are sort of just Hovering around there Above This support
Box that we've now reached for the for The second time Um Ethereum Could have bottomed here in this wave Too at 1075 but the problem is the move Up was not a clearly impulsive move Um so you could call that a corrective Move up the move down currently is Corrective as well So the thing is This could be a leading diagonal in a Wave one but we don't know that yet we Will only know that when certain levels Are broken but this is the support area That ethereum ideally should hold it Goes down to 11 30. in the previous Video today we talked about still lower Prices here in the fifth wave we've done That scenario has been fulfilled yeah we Also talked about a break of the Triangle to the downside I think that Was yesterday scenario has also been Fulfilled and we're now looking here at A possible support somewhere in this box All the way down to 11 30. this is a Support box where I would expect the Price to reverse Um if it doesn't work out I mean it's Not high probability I must say that as Well because this is not a nice impulse So at the moment what we do have to what We have to do we have to expect Basically lower prices as long as we
Stay below the 1284 level here so we Have to expect Wave 2 carries on until We break above that level that would Sort of be the first indication at 1284 1285 but really the key level is here This level and the wave Exactly were we the wave Um high that was here at 1347. it's really only above that level As long as we stay below that level There's still downset pressure but the First key level is that 1275 level now What did I say 12 Yeah 12.85 And then this level around 13 47 13 48 So as long as we stay below these level Levels we have to assume we'll still see Lower prices but we've now reached the Support area again you can see from the Breakout of the triangle to the downside Now five waves that is an indication That this could be the wave c as an Ending diagonal and we will reverse very Soon in a third wave to the upside that Is only valid as long as we stay above 11 30 if we get below that level I think It will open the doors for a retest of 1075 and then we will If we break that level get down to a Thousand dollars and then what happens Then if we break that we talked about That to finish off this video I'd like To look at the weekly candle how does The weekly candle look it is a massively
Bearish candle yeah we had a horrible Week for the crypto market so yeah There's no chance getting this um as a Green candle Um This weekly candle is obviously a weekly Bearish engulfing one similar to this One that we had here so these normally Suggest further downside but yeah we Need to be open to the idea that there Is some short-term upset potential maybe The low is already in as suggested here Before so yeah that's my update about Um 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 Thank you