Foreign Video about ethereum so for ethereum we Continue to see sideways movement here It's a little bit similar to Bitcoin in That there is no meaningful breakout yet There is no meaningful signal of the Market that we can use to determine if We are going up or down here in the Short term we need to wait for a range Breakout and we won't really have any Let's say evidence until one of these Key levels here is broken to the upside It would be the yeah the 1290 level 1290 and to the downside it's the Support level of 11 30. anything in here Is really really a broader range in Which we're trading you could see all of This as some kind of a triangle pattern For example Um I can put that onto the chart we Talked about that before and also in the In the Bitcoin video is quite similar Yeah all of this just is a larger Triangle and there's there's a few ways Of how this can be drawn as well Um so just sort of a consolidation Somebody actually had a few triangles in Here each of them broke out to the Downside as you can see here triangle Triangle and we always had a reaction to It as it moved into the Apex you know And this is just one larger triangle Possibly if we now count it as a Triangle as an elite wave triangle
That's a completely different thing but Yeah it's possible you know in the elite Wave triangle we could just make another Low and here for ethereum it's a bit More complex than for Bitcoin because Of course here in this scenario there's A bullish case in the bearish case I've Always said that we can focus on higher As long as we're holding the yellow Support box which on the flip side means If we lose the yellow support box at 11 30 we are obviously losing support and Will most likely Um retest the next support level which Would be a 10.75 and then one thousand Dollars but the difference into Bitcoin Is that as soon as we lose key support Levels we're probably going to make a New low Um below the 9th of November low You know for and and that would be a Completely new low in the bear market For Bitcoin whereas ethereum still has Good support at first of all 10.75 and Then one thousand dollars and it's Really only below a thousand dollars That the overall bullish chart context Here for ethereum gets seriously Challenged I mean it's getting Challenged now but it would get um Unlikely so we have to scrap it by then Right and then if we lose the 1000 level We have to assume we are going to take And break the um
June low of 880 okay so that's sort of The bearish interpretation but in the in The bullish one we take a look at that First Um we can say that this here was a wave One right and then there's two two Possibilities imminent bullish breakout The first one is here a wave one up a Wave two down to around 1175 and we are Now in a wave three and this wave three Consists of a one two setup now and we Would move up in a way three or three Next that would be the bullish Interpretation of this the very bullish One Um however I haven't seen enough Evidence for that yet that we say we Have a one two one two setup I did have That on the chart before it's still Possible but we have retraced here a Little bit too much I don't find that Too likely anymore yeah Um in that interpretation I would really See this wave up here as a wave one and This here all as a wave 2 but it's not Convincing enough and we would now be Moving up next either way three I mean If if now you know if you see now the Price get out of this triangle to the Upset and break above that wave B high At 1290 then this would be the count one Two one two until then I would rather Expect one more low here in the Red Wave Too because this is the other bullish
Interpretation if we say we had to wave One yes but a deeper Red Wave two that The Wave 3 hasn't even started yet and In this scenario we would ideally expect And I talked about that on the Bitcoin Chart as well so they are aligned short Term that I've been looking for one more Low here in the wire wave Um and that just has just to do with the Internal wave County and the structure Of this latest move to the upside which Currently looks like a three wave Structure so It would be Um well it would be No the count was correct but I have to Just change the internals here I would Say this wasn't a this currently is a b And the lower C is still coming I'm going to explain that in a minute So it just allows for one more Um deeper Retracement right here one Okay More like that that we say Um This is just a deeper Wave 2 at the Moment that's valid as long as it's Holding here the 11 30 level so That we had in this Wave 2 a w x y Correction and we're now in the Y wave The Y wave consists of a b c with a is Done with B might be done if we maybe we Hit you this resistance trend line and
Would then come down in a c wave that's All possible so my view is one more low Here in the let's say bullish case and Then we have a wave C complete of Y of Two and could then move up but this is Of course not guaranteed Um I would want to see a more Substantial breaker to the upside to Save straight away we are breaking out And the key level remains for me the 1290 level and then we can talk further Um in the very well let's say again the Bearish interpretation subdivides into a Very bearish which would be a new low or Sort of just shorter and bearish but Actually we are going to hold the one Thousand dollar level and have a chance To restart and reset this deeper Wave 2 Yeah if we come down and that Interpretation would be that we say um On the way down here this was really Only A wave three down of some sorts all of This is currently a wave 4 triangle and We would make another low in wave 5 but Hold the one thousand dollar level then The overall chart context hasn't flipped Bearish and we would still most likely Move up but it's only really if Um it depends on now really that the Nature of that last leg down if we break Again it all comes down to the one Thousand dollar level if we break that We're gonna we're gonna flip the whole
Sharp context bearish by the way Elite Wave triangle we would say this was a Wave a hero b here is C hero D and we Might not be in a wave e and would then Break down but again it's it's still the Key level here of 11 30 that will be of Relevance to very short term decide and Get a signal if things are breaking out Here so you know we're sort of stuck in The range here Um again yesterday I recommended to People just sort of zoom out you know Just all of these short-term price Movements See them in perspective yeah and a lot Of people want to be kept up to date With those shorter term price movements But as you can see we are still in the Range so we carry on here but eventually It is those lower level waves that will Confirm the higher level patterns and These are really what create the Meaningful price movements on the chart And will lead either to a new Autumn High or a new low So see everything in context because if You zoom out of the ethereum chart you Actually see the potential and yesterday I talked about price Targets in the Video I mean we're talking about in the Next all-time high eight to ten thousand Dollars Um whereas you know in the very short Term we're talking about a very minor
Price movements even if we make a new Low and get down to 650 considering the Potential long term this is really just Short-term fluctuation if you really Zoom out okay that's my update about Ethereum I hope you like the update if You did please 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