Foreign To another update video about ethereum Just quick update basically what I told You in the previous video that we are Still looking here for one more low Inner C wave I think is going to play Out Um it's currently not looking like a Direct breakout to the upside here for Eth I think we're going to head lower Here in the C wave that's the same wave Count that I've had in the previous Video I think in the previous video it Was somewhere here I think we were just Starting to have a little bit of a of a Move up here into the 1225 range Um but um It was looking like we only had three Waves up this didn't work out made the Lower high told you that this is most Likely a b wave and we're coming down in Another C wave and it could very well be And again we're getting into micro Counting I just want to show you the Possibilities here this could be a one Two maybe another one two of the three There'll be a four and a five so this Would currently be my expectation unless We now really rally and break out above The 12 30 level which would make it more Likely I think to see more imminent Upside but Um really A direct breakout for a direct bullish
Outcome of this would to see that really And to get evidence for that we would Need a breakout Above This resistance Area here at 1290 1290 US dollars at the moment as we are Heading into the weekend I would expect Rather at the moment based on this wave Count a drop down Lower which would not damage the overall Bullish potential of the chart Um It would though Um lead to a retest probably of the 11 30 level in that range down there and This is where we have a very very Important decision point because this Will most likely be the decision Where the ethereum price is going to Head to in the next few days and weeks So are we going to break the June low or Are we going to have a bullish outcome Here so this is going to be the decision Point Um East is one of the few charts where I Have quite a bullish stance towards Right Um which doesn't mean that you know we Should blindly go into this and stuff Like that no I mean this still requires Especially in a you know in a very young Trend this is a very possible young Trend to the upset here if it really Starts then it is still high risk yeah So and it is not a very reliable pattern
That we see here I did mention that as Well so this could be absolutely a one Two setup but it would need to stay Above 11 30. and if we break 11 30 then We're probably going to lose the 9th of November low and then we still have one More chance to uh find support at the One thousand dollar level it wouldn't be The red count then though the red count Would be invalidated I would have to Reset this wave too and put it basically Over here where we're retesting the 1000 US dollar level So yeah if you're one of the let's say The good coins out there at the moment Which is not necessarily looking for a New low Um I did post it earlier on telegram at Disco that I think you know like 95 of Coins or 90 of coins I mean obviously I'm not watching all of them but they Are all still looking for lower lows or At least we do not have a proper Reversal signal ethereum is one of the Few coins that actually has done Something let's say a more significant Since the June low and it is still above The one thousand dollar level so this is All still looking good but Um we are currently in a Range we need a Signal here again the key decision Points are at 11 30 and on the upside at 12.90 until we break that we are in a
Range a first indication where we're Gonna head is the triangle here so a Breakout of the triangle to the downside Will pretty clearly send us down to 11 30 and to the upside we can get into This resistance range Um there are a few possibilities how This lower level wave count can be Interpreted Um on this chart I currently have the Buddhist scenario Mario outlined where We say this is a wave one up a wave two Down and the Wave 3 would follow but we Would need to stay ideally above 11 30. Below that it will decrease the Likelihood of a bullish outcome Um And I'm clearly flagging this up because We are in a support Zone this is a Support Zone and this is a valid long Trade setup as per Elite wave yeah it is It is not a high probability one I can Tell you that as well I did say that Before and the reason for that is Because this Wave 1 doesn't really look Great Yeah it's not very impulsive and the Wave 2 is getting very long But it's a valid long trade setup The problem with this long trade setup And also why it is not hype or Necessarily too high probability is Because it could very well also be some Kind of a waveform and we will drop once
More lower I showed that in the previous Videos as well this could just be a Triangle basically a wave a b c d e and We would then quite imminently break the 11 30 level and that's also because both Of these columns currently show here Short term to the downside the triangle Would actually lead to a break of the 11 30 level and the bullish count that I Just showed you here the the yellow one Where we come down in a wave C in five Waves that would be the one where we Hold support at 11 30 but also here we Would expect some short-term downside Here this is sort of at least likely at The moment um of course nothing is Guaranteed in these markets and if you See a break above the 12 30 level then We're probably in something that could Actually lead to a breakout of the Triangle and a breakout above 1290 or at Least a retest but yeah that's pretty Much where we are here with ethereum Um not too much going on here but I Think the weekend could really be a Decision weekend it could be a decision Weekend we're heading closer and closer Into the Apex here of um of a triangle And um we are getting here pretty you Know I mean how long does this want to Go on for this has now been going on for A week here this sideways range and it's Getting squeezed and squeezed so it Can't really get much more squeezed you
Know maybe throughout the weekend it Will get squeezed a bit more before we Eventually see a decision here but um Yeah as you always know when you see Such sort of long-term sideways movement Like this was absolutely awful this was Remember that in October Um we suddenly saw that Spike to the Upset right this was by the way a very Similar pattern Um Where we also saw a move to the upside Which we traded yeah made some profits And this is a similar situation so it's In no way guaranteed it's going to go Down but as you get squeezed and Squeezed and Squid also here volatility Reduced there there is usually then a Spike afterwards so don't be surprised To see a spike this is a long trade area Also here we talked about it four weeks Long yeah it's never guaranteed to work Out but this was an area for Accumulation everybody who missed it was Pissed off but we had four weeks to Accumulate now I'm not telling you to do It but I just want to make you aware That this was a very similar Accumulation phase also here a lot of People said we're gonna drop below it my Viewers we're gonna find support and Move higher which we did took profits Along the way end up here at 1620 and Then we came down again and now the view
Is again of everybody we're going to Come down and we could do that Absolutely we could do but it is also a Valid long trade setup yeah so just be Aware of that Um Yeah that's where we are so yeah Hopefully you like the update about Ethereum I hope you like the update if You did then 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