Foreign Welcome to another update video about Ethereum so just when I uploaded my last Video this morning we had a spike we had That pump so um you wouldn't have had The update with the strong green candle In the video earlier today but Everything was basically in there in the Video so there was no need to to do Another update Um it was all in there it's basically All going at the moment according to Plan here based on this Red Wave count With a possible wave one to the upside Which however as I said before is not a Very reliable wave pattern then here a Wave 2 to the downside with the Target That I gave of around 1160 we came to 1170 so I think pretty close We bounced off we left the channel to The upside so we had a possible breakout Signal and we could now be moving up in A third wave at least that is what we Can look at at the moment it's not Entirely confirmed yet we haven't broken Above the 1284 level that I mentioned in The previous video yet so it's still a Bit uncertain but um as always you know These support areas are the likely Reversal patterns or the likely reversal Areas and if the price doesn't reverse In these areas then it's probably going To fail the pattern and that's also Where you know stop losses can be set
Quite accurately that's the advantage of Elliott wave Um So at the moment we could be looking at That we are really in this third wave Ethereum continues to be in what I Consider to be a bullish wave pattern as Long as we're staying above the one Thousand dollar level So that is unchanged Um I had a few people who asked me you know What's a good entry point or whatever Well you know that's entirely up to you I communicated when I bought I bought Already on the I think the 9th or the 10th here around 1150 so I didn't buy Again in the support area but this is Sort of the area where I personally Would accumulate you know I'm not Telling you to do it but I personally Would because these are Um First of all interesting DCA areas now For dollar cost averaging long term but That should actually be clear These are areas where you know where we Are sort of in a in a longer or wider or More relevant support area because if I Zoom out you can see the wider support Area here already since Um in in September October was basically The same region so this was also an area Where I personally bought I made you
Aware then took profits along the way to The upside moved my stop losses up on The way down they're all closed in Profits and now I'm reinvesting that Into eth that's how it should be might Be prepared for those uncertain moves to The downside and now I do the same thing Again Buying in these support areas and then Selling bit by bit as we leave it right Maybe we come into it again and then Buying again and you know and that's how You do it right and then you need to Decide for yourself what sort of portion Of that you want to put maybe onto your Ledger your treasure your Hardware Wallet how much do you want to really Hold long term and how much do you want To get stopped out Um off if the price really drops below a Thousand dollars that that's really as It is and I constantly communicated that Ethereum makes a better impression than Bitcoin I think we saw that earlier Today when well Bitcoin moved up as well But Bitcoin just came down much much Lower here and it nearly invalidated the Pattern well it didn't in the end but Who knows it will still keep an eye on It and to be honest this as well is just One green candle basically built on Um I think cz's tweet about a fund they Want to set up Um which is good but you know this is
This is exactly what what I've been Talking about many times if you are in These support areas and you get some Kind of a catalyst that's when the price Can move it might be different if you Are in a completely overbought market And then you get like some positive news In and they don't really do much again But when you're in an oversold Market And you get some positive news in they Can actually do something and this was Probably the Catalyst for the price to Move up so so far this is working out This scenario here Um the thing is now that we need to see How does this carry on what we would Need now is a three wave pullback so First of all I would like to see a five Wave move to the upside let me just go To the lower level time frame I mean we Could possibly get away here with Seeing this already as a five wave move Up so here a one two three four five and Now we want to see a three wave pullback That could already you could get away With calling that a three wave pullback As well already but it's very weak so We've only really reached the 23.6 Percent flip level ideally you would Want to get it down a little bit lower To get a bit of a clearer setback but it Doesn't need to be necessarily so Usually if we consider that maybe a Microwave one then here in a wave two
You'd be looking at the area between the 38.2 maybe the 61.8 percent retrace Between 12 10 and 1234 but and you know Ideally it pushes up higher and would Fulfill the larger pattern important is Now you know important is to hold at any Point the 78.6 retrace to deliver on That bullish potential that we have here Now so it needs to hold above 11.95 Really right Um if we now zoom out a bit further Coming down now into that region that I Just mentioned between the 38.2 to the 78.6 or 61.8 percent retrace would be Another possible entry point because It's another micro one two setup and the Stop loss again can be set nicely below The 78.6 retrace so these are sort of The entry points you know one two and Maybe now another one two setup and in Red this is sort of the main pattern Here wave one up wave two down well we Need to see now first of all is a break Above 1284. there would be an Interesting or important signal But we can also make some calls or Assumptions about a target for the third Wave now in red That will obviously not happen in one Straight line but we can use the Fibonacci extension tool for that And the target would be around 1600. That's the 1.618 of waves one and three Another possible Target so that's the
First Target but that's a bit too weak That would be would be 1437 so in terms Of further upside you've got resistance Obviously but resistance is not Necessarily a Target but you will have Resistance around 1284 we'll have Resistance at around 1350 the previous High here On the 10th of November and then Target Would be 1437 if we get above that it Would be 1600 for away three then there Should be a way four down and away five Up and you get a clearer five wave Pattern up that would be again a higher Level wave one and then we come down in A wave two and would move on from there So at the moment this is looking good But of course it needs to hold at any Moment now the 78.6 retrace and if it Doesn't hold that at the very least the 1170 level if it doesn't hold 1170 then We're looking at further downside all The way down to 11 30 if we lose 11 30 We're going to come down to 10.75 Probably and if we lose that it's Probably the one thousand dollar lever And below that it opens the door to Breaking the lows below the June low so This is in no way confirmed to work out Now but it's a nice nice possible trade Setup Um it could be a fake out we had that Many times now in recent weeks those Pumps out of nowhere the Gen just didn't
Hold support so it it remains you know It remains important to be careful I Wouldn't really necessarily add a lot of Leverage or any leverage here I would just sort of Um you know trade step by step really And so far this long trade would have Worked out so it just needs to hold it Now and if not then we're just gonna Reset the trading range lower Okay 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 please check out the Channel membership thanks a lot for Watching bye Thank you