Foreign Welcome to another update video about Ethereum it's getting difficult now I Mean actually with ethereum everything Is fine ethereum is still in this box in The Target box and it's not a problem at All I mean yesterday even we talked About a target of 1160 and we have come Down all the way up to all the way down To 1170 so it's not a problem at all Actually Um ethereum is doing what it was Supposed to be doing in this sort of um Well what do we have a b c wave pattern Yeah but my problem is that Bitcoin is About to make a new low Um even below the June well the joondler Was broken anyway on the 9th of November Um so it's going to break that again Most likely that's how it looks like at The moment while ethereum is actually Making not a too bad and too bad of an Impression Um it's actually holding this support Area however it's not a good sign if Bitcoin makes new lows and it would most Likely draw ethereum down as well Um just as the whole Market is currently Going down ethereum is still holding Quite well though it's still holding Quite well Um and I can only repeat what I said in The last video which I'm gonna do and to Highlight here really the 11 30 level so
As long as ethereum is holding the 11 30 Level We can focus on this as a one two setup Which would be followed by a wave 3. This is as I said in previous videos not High confidence not high probability and The reason is because from the now of The June no the um the low here on the 9th of November we don't have an Impulse Yes we have a five wave move up but only And really only if we consider the fifth Wave as a truncated wave which is not Ideal because it doesn't have the ideal Length so it's it's a bit of a it's a Bit of an issue and we you know you you Can get away with it when you force it But it's not really how you would Normally do it and the other possibility Is that the move up from the low is a Three wave move and that could be either Corrective which will lead to an Impulse Down which basically means lower lows or It could be a so-called leading diagonal And in a leading diagonal you can Counter wave one and this would be a Wave two but then each of the sub waves Has three waves and it's not a high Confidence pattern because it could Easily be counted as corrective as well So typically when you see a leading Diagonal what you would want is you want To see the evidence that things are Really turning out and playing out so You want to see the five waves complete
To get more confidence into the pattern So it's not an ideal pattern of the low And we've had a lot of leading diagonals In the recent weeks And um yeah many of them didn't work out So it's a you know unless you see really Clear impulse you have to be let's say On the side of caution and that is what We need to be here that's why there is This yellow support box which we've Touched now well which we've touched Here on the 11th of November now we've Come deeper into it we've basically Fulfilled the scenario from the previous Video which is going down to around 1160. Okay ten dollars still missing Um but at the moment there's also no Sign of bottoming out so this could go Down further Um and the concern is really that if This just keeps dipping we're going to Break the 11 30 level as well so we can Draw We can draw price channel here And if that price channel is breaking This corrective price Channel or even Impulsive price Channel off the wave C Then we have Clarity or more clarity About the trend Direction because at the Moment it's just following the trend It's just following the channel here and A move down wouldn't be good it would Increase the likelihood of it breaking
The 11 30 level as well and then heading Down to 10.75 and if the 1075 level Breaks that's really only the one Thousand dollar left the one thousand Dollar level left which will protect the Bullish scenario as we talked about Yesterday only if you go to the daily Chart below a thousand dollars they are In June there was really only a week So there isn't really a lot of key Support so the thousand dollar level is Really really key support if you look at It on the daily chart you can actually See that this is where it stopped Falling and the week down it was really Just that it was just a week so that is The key level here I think if that level breaks we're also Going to retest the lows from June So yeah it remains difficult it just Keeps sliding at the moment this very Well could just be a c wave in this wave Too but again it's not high confidence Because the move to the upside was not a Clear impulse it's certainly a good sign That we're holding in the yellow support Area but It just keeps tipping so as I said in The last video unless we go above 1284 Impulsively this level here and even Better would be a move above 1350 we Just have to keep focused on the Downside now sort of mentioned in the Last video because we want to see
Evidence that it's bottomed unless we Really see that we have to focus on the Downside because the move up is not high Confidence Um in the 1284 level would be some Evidence because it is the way fee High A break above the wave beehive is always Some kind of a signal that a downtrend Is stopping Okay that's my update about if 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