Foreign Welcome to another update video about Ethereum so we continue to be in the Sideways range as the price movement Here at the moment is a little bit Boring we are going to take a look at The long-term ethereum chart as well in This video together with some old-timer High targets we're also going to take a Look at some indicators and why they are At the moment quite relevant and yeah But maybe let's start You know maybe let's start at the Long-term chart Which is obviously here the ethereum Long-term chart and you know I at the Moment we Hear a lot again and I I see it in the Comments and I've just read it this Morning and just waking up Um and I had a question in the comments You know is it is it really that Bitcoin Is going to die or how realistic do you Really think that Bitcoin or ethereum is Going to die because that's you know you Hear it everywhere now and um I mean I've been in the crypto space now since 2016-17 Um and It is as far as I remember it is sort of A similar sentiment at the moment that We had sort of in this time period here Around 2018 2019 now this can of course mean that it
Still can take quite a while until all Of this bear Market is over but it also Means that we should be quite close to The low of course this can still mean That we are going to drop to maybe 600 But you need to see all of this in Perspective I mean look at the entire Chart here and if we drop another 50 From where we know I mean what does it Mean really overall I mean look at this It in in the context in the grand scheme Of things it doesn't really mean much Of course if you buy now and you lose 50 Yeah but also what you always need to Remember if you especially if you take The long term view into account this is An um Just take it into perspective yeah Because I mean we're talking here about All-time high targets I talked about it Before Even if we let's see let's even say we Make another low yeah and that is not my Primary expectation I have to say that As well but it's possible so we can't Rule it out but let's say we go from There to around let's even say ten ten Thousand that's a one thousand seven Hundred percent profit Um how long that takes I don't know but It would be in the next all-time high That's very clear the target for the Next all-time high for the next Bull Run So it could take a year yeah it could
Take two years it could even maybe take Three years and unfortunately the whole Issue that's currently taking place in The crypto space with Um FTX and other exchanges that Obviously doesn't give a lot of Confidence into crypto exchanges a lot Of people are becoming careful Institutions are becoming careful on the Other hand you have a lot of opportunity Seekers but I think it will take a while Until we get a lot of new people into The space and that is because of all These issues you know as you see it in The media again how dangerous everything Is and so on so just Um yeah but be aware of that I think It's it's sort of a similar sentiment Towards where we were already sort of Close to the bottom of the bear Market Of the last larger bear market right Um in terms of the overall wave count Here for ethereum Um just wanted to let you know as well How I see that I did that a few times Before but I think it is always quite Useful so we start this with the first Larger one two setup So Elliot wave Trend up wave one Then we look at the low which was here The Wave 2 back in I think it was December 2018. we are now based on this In a wave three there will be a wave Four and away five this wave let me just
Change the wave degree to be honest I Need to do that first Let's make that a bit clearer here Like that and this is sort of here the The larger Trend right and based on this Wave count we have only seen waves one And two so far and we are actually in a Larger wave three looking at the context This totally makes sense Um because you've got here one two setup Looks from a from let's say how long This took really to play out sort of a Similar time frame now Um and targets Just roughly huh because it doesn't Really matter here that the dollar the Exactly exact to the dollar but um if we Look at Target no one second I made a Mistake here Yeah because oh no let me let me just Finish this let's let's let's uh let's Do the other waves first right Um and then we're looking at the within This wave three of course we're looking At the five wave pattern as well and This is where obviously it started here At the low in 2018 and moved up we moved Up in a wave one an Impulse that was Here May 21 and we come down currently Still or maybe already completed that's Actually my expectation here Wave 2 in June 22 and next we are going to move up In a wave three there will be a wave Four and away five to finish off the
Wave 3 the higher level Wave 3 and I'll Do to make that clear do that another Color Change the wave degree Let's do like that yep Just to highlight here the difference is Really to make it clear obvious So this is how I see it and um this wave One you know some people might ask why Is the wave one not this high and I Can't see that really I can't see that Because Um if I make that larger if I really Count and I would have to go into detail And everything would be a very long Video but to count the sub waves here I Get five waves if I count it like that And three four five so I have a five Wave move here to the upside another Color again Another wave degree But that fits quite well five waves up Here to finish off that wave one and Then we are now in this wave two well or At least it's already complete that's Not entirely clear Um And then we had here an overshooting Wave B that was sort of in in November I Think that was December 21 overshooting Wave B And we're coming down in wave C here Which basically finished actually in June 22. that's at least my expectation
At the moment and based on the Assumption here it would be that we are Now in this third wave to the upside Um if we are not in this third wave yet It should start after one more low that Is how I see this and if we go up now Directly or there will be one more low In the grand scheme of things it doesn't Really make a great different so let's Take a look at the wave one up wave two Down Target 1.618 extension is sort of The minimum around eight thousand two Hundred dollars maybe all the way up to 200 percent uh extension which is the 10 000 US dollar level So this is how I see ethereum Um long term obviously at the moment in The short term we are exactly here In this region So before that let me just save that and Then let's go into the Um Short term so what we're going to to Look at first now Is this pattern here this structure It started off the June low I have to zoom out for that bit but yeah This is here off the June low Let's go to the four hour chart Off the June low my interpretation is That we have moved up in a so-called Wave one And we're moving down now in a wave two Again that could be complete and that is
Basically this one possible one two Setup here it's not high confidence Because this is not a very very clear Breakout pattern yet I mean this here Wave one wave two down that's fine that Makes sense we're holding key support at One thousand dollars that's all fine but If we now go into the really lower level Detail this is where it gets a bit Choppy it gets a bit nasty it gets a bit Ugly you know so if I whoops didn't want To do that if I zoom in Um take a look here at this short-term Price action and say from the low of the 9th of November So basically if we say we've we've got This one two setup complete and we're Now starting away three to the upside Basically the impulse that we want to See then we would have to interpret it In a way that we say we had a wave one Up here to around 1360 and we're now Coming down in a wave two based on that I would ideally want to see another low One more here Um to go below this low and there's Various ways of how this you know in the Short term can be counted don't really Want to confuse you don't want to really Want to bore you but the point is at the Moment I think in the short term a very Relevant level is this swing High here It's 12 26. This needs to be broken and that could
Give us a strong indication that this One Two setup is finished and that we're Ready to move up up in a wave three Important resistance though on this way I showed you already that um 12 26 level Here but even higher very important to Get above that resistance level anyway Which is the 1290 level getting above That and then we could move up in a wave Three to the upside and whatever 1600 1700 possible is it high confidence not Necessary Um not necessarily but it is a support Area here so it's a one two setup it's One of the best trade setups you can get In Elite wave but I have to say it's not Too much confidence because this is not A very nice five wave move up had it Been a nice five wave impulse would have Been nice but we have a so-called Truncated a short wave five that takes Away some of the confidence so yeah Um at the moment the idea is that as Long as we're holding this yellow Support box which goes down to 11 30 we Are focusing on higher but it would also Not surprise me not in the current Situation if we make another low so we Can make one more low and still hold the One thousand dollar level and the higher Level scenario of a breakout is not Really at risk only below a thousand Dollars I think we are going to put in
One more larger lower low even below the Drone low so this is really the key Threshold really yeah Um but yeah overall you know In the short term otherwise nothing Really changed for my for my last video Um the question here in the very short Term for anybody who's following this is Still is this a one two setup and this Is the next smaller degree one two setup And we move up from here that's still Possible as long as we're holding above The swing low of 1174 or is all of this A one two setup and we move up then but That really doesn't matter too much now For the further process and progress It's just key that we're holding the 11 30 level Um and if we lose that okay then we Still have some buffer 1075 needs to Hold and if that doesn't hold the one Thousand dollar level And let's say Bitcoin puts a new low in And ethereum holds the one thousand Dollar level then it again would have Been proof that ethereum can make higher Lows while Bitcoin is making lower lows Right so it just shows the strength of Ethereum Um and then to finish off the video I Wanted to show you the indicators Especially on the long term chart maybe We no let's do it on this chart Um
So we take a look at the RSI the Relative strength index the macd and Especially here on the one week chart And one second let's go to the maybe the Two week chart actually I think is quite Relevant yeah the two week chart is Relevant because this is even more long Term and it just shows you that Put the price into relation here that Um that's what I mean also with the Sentiment if you look at this one two Setup that we had here 2017 2018 we then Bottomed out here at some point Um already before we made the low on the Macd if you look at this macd you can See the macd histogram basically Bottomed when we were just still on the Way down and then it started to recover As we made the low put the low in place And since then we've been going up and Actually at some point the histogram Really really Um got bigger and bigger right so now we Have a similar situation where it looks Like we could have at least bottomed Yeah for various Um was since June actually we are Reducing the negative momentum here on The two week chart on the macd Similar situation to what we had back in 2018 you know and you see what the price Did afterwards yes it took some time but That's what it did Um and also
Let's take a look And the RSI has also made a bullish Crossover not nothing too convincing but I think you know they make D is Something that I find really really Interesting Um on the daily chart let's also take a Look here daily chart is also reducing Negative momentum at the moment on the Macd Um while the RSI is still sort of in the Bearish territory but the macd is still Reducing negative momentum it did that Here as well towards the end of September and after that we had quite a Bit of a rally to around 1700 US dollars So you know um again it would not Surprise me to put another low in place But it's not my primary expectation but Even in the very short term even if in The short term we come down to a Thousand dollars it would not really Break my primary scenario in which Ethereum doesn't make a lower low than June and it has a good chance to hold it That low so I don't at the moment expect A new low of course it can happen in the Current environment it wouldn't be too Surprising your probabilities are quite Close together here especially after the 9th of November drop but still Um Need to leave options open yeah Um
But take a look you know consider this All in context I mean sometimes I mean understand I I am looking at this Really short term as well because There's you know there's day Traders There's people who just want to be kept Up to date and hope you understand that These sort of lower level wave counts They are fragile they change often a lot Of you understand that because on the Lower you know on the lower time frames Things just change much much more Frequently but on the higher time frames Things aren't really changing that often And the wave counts the wave counts are Quite stable and targets are quite Reliable as well but on the short term Of course you have a lot of distortion You have um you know it's just more Fragile really so take you consider Everything in context and yeah I mean Hopefully I could could in this video Also talk a little bit to the hotlers Yeah the long-term investors as well and 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