Foreign Video about ethereum so we have come Down we talked about that in the Previous video that we will most likely After the breakout of this triangle here See a further decline in this C wave and Would ideally go in this C wave below The low of the a wave so that we have a Nice so-called flat pattern a b c in This wave too Um this Wave 2 has retraced quite a bit But it has so far at least reversed Um exactly where it needed to actually It was really the last resort because it Did break below the 78.6 flip level that Was at twelve hundred dollars and it Came down to the 88.7 FIB level at eight Eleven eighty six so it really shouldn't Have dropped any lower than that it was The absolute Um well it was absolutely necessary to Turn around they are already posted on Telegram where we were down here it Really needs to turn around now or we Will probably make a lower low than 1174 And will then risk coming down lower Um all the way down to 11 30 pretty much So coming down any lower is not Necessarily a problem it would simply Mean a deeper retracement this yellow One two setup would be invalidated but My if we if that happens and I mentioned In the previous video if we really come Down below this swing low here from the
14th of November which means below 1172 1173 then my view would be that this Wave 2 was never finished so that we Have a larger A B c correction So that's entirely possible as well but At the moment it looks like as if the Price wants to reverse to the upside This is of course not guaranteed but at The moment it makes the impression and We talk about why in a second it's a Similar picture on the Bitcoin chart But really the bottom line here is as Long as we're holding the yellow support Area we can focus on higher in a yellow Wave 3 of The Red Wave 3. and the target for the Yellow Wave 3 is sort of 14 to 15 maybe 1600 US dollars but to really get Confirmation that we are in the Wave 3 We need to break above the high of the Wave one which is at around 1291 so I Have highlighted here the resistance Area on the chart and as long as we are Below that we sort of constrained in a Range Um but yeah why is it possible that We've got now this possible one two one Two setup this by the way would imply That ethereum has already seen the low First of all that the bear Market low is Already in and then that here a more Significant low has been made at on the
9th of November at around 10.75. So why is it now let's say possible that It is reversing ethereum the reason is That from the lower here where we hit The 88.7 FIB level we moved up in five Waves so on Lower time frame You Can Count this as a five wave move and we Have come down in a three wave move that Could still come down a bit lower as Long as we are staying above 1192 11.95 Something like that Um so this Wave 2 could still come down A bit lower not a problem And evidence that we are pushing higher In the third wave three basically that Would be wave three of wave three Um evidence for that would be a move Above 12 17 that would be really really Helpful and really good but yeah sort of That's sort of what I'm focused on at The moment um generally you must know That we are in the range here so Theoretically I could also count this Entire move as a larger triangle Um this is also possible and we might Have to go that way if we really see Here Um a lower low but at the moment it is Again is this support level as long as This support range is holding which Again goes down all the way to 11 30 we Can focus on high end that is because The larger Um structure of the chart is basically
Let's say rather bullish so this is Still a structure that would allow us to Count the entire thing here as a wave One up and the wave two down This is of course with this drop here Due to FTX it has also received well Um it or it has it has been challenged This view absolutely but so far it's not Been invalidated and as long as we are Broadly yeah I mean 11 30 is the let's Say the most imminent support the larger Relevant very close to support but very Important is down here the one thousand Dollar level if that level breaks then We're probably going to see the 650 Level 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