Foreign So the last few hours we had a bit of Weakness now what exactly that means for The price we're going to take a look at That in this video Um in terms of the further development As well and you can see that we continue To hover sideways here so we are in a Sideways range between this yellow Support area which is between 11 30 and 1210 and the resistance area here Between 1270 and 1290. in this area we Are moving hovering around here and we Currently try to get out of the yellow Box again to the upside and have so far Failed over the last few hours ready to Stay substantially below it Um yeah it's still a sideways range I Mean I said in previous video you know All of this could still be a broader Triangle but we don't really know Um until we see a bit of further price Action but yeah it could be you could Get something here Like an a B C d e and then break further down but Then the question is if we break down From here do we still hold the one Thousand dollar level and if we hold the One thousand dollar level to be honest It's still all okay even though I must Say if we break here if we break first Of all
This low here from the 14th of November Which is at 1172 roughly 1170 if we Break that low it will significantly Increase the risk of also breaking the One thousand dollar level and if we Break the 1 000 level then it would Suggest that we have Um yeah that we that we are going to Make a new low Um which means lower than The low from June and that was at around 880 and then we could see support at Around 650. So ideally we hold that level here at Around 1170. Okay if we lose that level we still have Support at 11 30 10.75 and 1 000 so it's not all lost It's just that the risk will increase Right Okay but until that happens we can focus Here on higher Um the focus on higher would suggest That so I take the triangle out just be Aware you know the triangle could exist It's important for your own risk Management it's important to understand The different types of scenarios because I still or what I still I do get the Questions you know could I could have Focus with more on the beriff scenarios I often answer that you know the bearish Scenario will become the primary Scenario below a thousand dollars so
That's pretty clear I think Um and then yeah then we could get to 650 US Dollars and maybe maybe even Lower but until then obviously we can Look at this in terms of a bullish Scenario Um do the micro counting for the Bulls And in this bullish scenario we can Carefully assume again it's not super High confidence because we haven't Really done any major movements yet but Um we can assume that this year was a Wave one to the upset it's not high Confidence though I did say that as well It's not super high confidence Um that the move up from the low here From the 9th of June to the upside to Around 1360. You know that this was a wave one to the Upside and we have then in this a longer Sideways movement come down in a wave Two which Bottoms in here at 1170 and Then if we say the low was in here we've Moved up in a one and we're coming down In the Wave 2 of the higher level Wave 3 In red there Um but in this Wave 3 in red obviously It's not going to move in one straight Line as you know so we had here our wave One here with two and we would be now Moving up in a wave three and to be Honest it shouldn't come down much lower Because if it does it will probably Break below the 1170 level which means
Do we make if we make one more low below 1170 no 11 or this swing low here one More low below Well we're here 1185 it will probably Mean that we're going to break the low Here from the 14th of November as well And if you do that Well it wouldn't be exactly bearish it Would obviously as I said increase the Risk that we're also going to break the One thousand dollar level but it's not An imminent risk so 30 yesterday if we Do that if we come down once more lower Break the 11 let's say 11 70 11 72 level Then my first view would be that this Wave 2 which I've got here has finished On the 14th of November that this was Actually not finished on the 14th of November but that it is indeed still Ongoing right so it is still ongoing That's not a problem it just means we Are resetting that wave a little bit Lower So that means that we're resetting it Here so that Red Wave 2 would go maybe Here to 11 30. again not a problem Um all possible and especially if we Look at the wave counts here and if we Look at the weakness over the last few Hours this strong move down does not Suggest that we had our one two setup Here and the way three to the upside no No Um this would actually suggest to be
Honest that Unless this is some kind of a weird Leading diagonal to the upside which is Always unreliable that this wave C is Actually still ongoing And unless it holds above 1170 We may have to assume that it's going to Break the yellow wave too so it's going To break here the beginning of the the Wave one by the way Um And then we will reset the wave two so If I show you the wave count I actually Don't necessarily think if if this makes One more low then we don't have an ABC Here then we have a w x y so it would be A wave W here a wave I think here So it would have to be Near the wave one No Second Um So yeah we have one up Okay so it would change it would change Overall here the wave counts I would Have to take obviously this way for one Out the yellow one and we would reset Here the wave two And we take out All of this depends it doesn't really Matter I can take the triangle out now It's happened anyway Um did work at the time but looking at
The high level wave count I would then Rather suggest here we've had our wave One up here and then we've come down in With W this year was The Wave X and We're now coming down in a wave y of two And I have to do that based on the Weakness so I'm actually thinking the Way the price actually is looking like It's looking rather corrective a bit Like a Bear Flag you could call it a Small Bear Flag Bit like that Yeah if that support level breaks here Around 1200 then we're probably going to Break this whole thing to the downside And it would suggest we are making one More low And what is interesting then is here the Latest Wave Y and here we can very Clearly see at the moment it's an a b And c and in this C wave we are coming Down in five waves and I would say that This year was a one two three four and Then five And then we're looking at anything Between 1170 and 11 30. okay so if we say Wave 4 Is finished maybe we can already Define A little bit of a of a clearer Target And for that we take the length of the Wave one And we add it to the high of the wave 4. And that takes us to 11 well pretty much Exactly 1170 or should that level break
Then it's the 1.618 extension at 11 38. Just need to have that on the radar and As long as we're holding the yellow Support box we can still focus on this Particular scenario So I think this smaller White Wave count Has not started yet you have to be a bit More patient and it's currently for me Looking like as if we're making one more Low and the reason is just the ongoing Weakness over the last few hours and Then we can move up in a wave three in Red but at the moment unless we now Break above here the swing high of the Wave 4 which is 11 27. Sorry 12 27 and I don't think that we Already start in this but this would be Early evidence that we've actually Started it yeah breaking above this way For high would be a really good Indication well yeah that's my update About ethereum I hope you like the Update Um we can take one more look At a um at a possible Bearish pattern because a few people Have asked and again if I go if I zoom Out to the four hour chart You know what what would be kind of the Bearish wave count Um But for me for me for me What I would simply suggest we would Have to count the internals differently
Um so from the high at two thousand Twenty dollars We would say that and that's the the Red Wave count here as well now we say okay We had a wave a down into October a wave B up a wave C down And I would say that we had here always one Two that here to the downside we only Had away three what we're currently Doing Oh no this move up what we had was Actually a wave four Yeah it was not a wave one it was a wave Four to the upside and we're coming down Once more in a wave five And um Yeah it was wave five and we would then Head down lower but below 11 30 Um we are com yeah no one two three four The way five currently ongoing but wave Five will only get very lightly below 11 30 and especially if we drop below 10.75 Which is the low from the 9th of June Then it will get very likely that we're Also going to break that one thousand Dollar level Okay 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