Ethereum ETH Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Ethereum ETH Price News Today - Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Foreign Welcome to another update video about Ethereum so yeah it looks like we are Coming down here in a wave a sea of two So we are coming down we already talked About Um I think in the previous video today We looked at this wave pattern we looked At ease I think it was at the time still In the Triangle uh identify the triangle Triangle broke out to the downside that Normally suggests then further downside And we said should that happen then it's Probably just an ABC this was still on The chart from the previous video which Means that Wave 2 was never finished Yeah before we had the Wave 2 here but I Mentioned to you in the previous video That because the move up wasn't really Impulsive we have to expect that we come Down lower here in a wave C or actually That this carries on as a triangle Um but with the trying there were Various options so you don't really know Into which direction it will break out The breakout of the triangle will give You a hint will give you a clue and yeah Yeah so lower lower in wave C at the Moment here I think expected that would Be the most likely interpretation for my Point of view I mean this could be still Be a larger triangle overall all of this Yeah sideways but you know there's no Point really um

Looking at 10 different uh possible Interpretations here I think at the Moment that the trend here short term is Down it looks to me at the moment like Just a three wave structure but this Could evolve into five waves so this Could be wave one of C with two of C Wave three of C wave four of C so pull Back at some point he expected and then Wave five of C but important is that Wave 5 of C needs to stay above 1174 this low because if we go below That it will invalidate this one two Setup and we have to fall back into the Larger pattern basically and look at the Entire wave here and say that maybe that Red Wave 2 was never finished and we had A larger a b and we're coming down now In C in that scenario ideally we want to Hold the 11 30 level But generally this is the support area Yeah either in this smaller pattern or In the larger pattern ideally you would Expect the reversal from here to the Upside Um in a wave three then that could take Us into the Region 14 to 1500 dollars That hasn't changed at all but we also Haven't broken yet out of resistance Here yeah so in the previous videos I Gave you that resistance area as well That we need to break to get more Confidence that a move to the upside has Actually started because as long as we

Are in the range basically yeah we are In the range and we are playing ping Pong between that support area here Between 12 10 and 11 30 and the Resistance area between roughly 1170 and 11 sorry 1270 and 1290. Um but yeah so this is probably Um yeah that's my most likely Interpretation here that this wave C is Currently coming down in a wave three Target for that third wave would Actually be the 1.618 extension at 1182 Now if we really get to the 1.618 Extension in the third wave then we come Really really close to that key support Level here so we just need to keep Options open a little bit but it just Depends on if we break it or not into Which pattern we then fold but my first Call if we really break the 1174 level Then my first coil would be that Wave 2 Here was never finished and we'd expect Um We basically have all of this as Wave 2 Wave a B c yeah so that would be my Interpretation then and really only if We go substantially below even 11 30 Then that would open up the door to 10.75 and one thousand dollars and again I have to say it again if we break the One thousand dollar level and I can't Promise you it will hold but if we do Break that then we are falling into a

Rather bearish context on the chart that Is why some of my stop losses of my Entry positions I'm entering in this Area here are set below a thousand Dollars because I think or my view is if We go below that level it would be an Indication that we're actually heading Further down and we'll still see new Lower lows for ethereum which means Below the June low but for me at the Moment yeah trend is further down here In a c wave at the moment this move down Looks yeah I mean it could be an Impulse But an Impulse in a larger correction so A c wave and then we need to take it From there and um What you should have learned now is the Key support levels the key resistance Levels my preferred wave count here and Um yeah again I use this area the Support area for entering a couple of Long positions for DCA the dollar cost Average but also for a swing trade Should the Wave 3 work out advantage of This support area is that the stop loss Can be set quite tight I don't set it Too tight I rather leave the trade a bit More space yeah especially in the Current environment I think it's Important personally but then I scale Obviously my position down to um not be Exposed to too much risk that all has to Do with risk management we talked about That many times 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 then Please check out the channel membership Thanks a lot for watching bye Thank you

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