Ethereum ETH Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Ethereum ETH Price News Today - Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Foreign Welcome to another update video about Ethereum I'm here on the ethereum chart We continue to see Um that we haven't made a new low soon We're holding the key support area so The Assumption at the moment is still That we moved up in a wave one into Um August you know sort of August middle of August 2020 and that we are coming down In a wave two that is possibly finished We would move up in a wave three next Come down in a four move up in a five This was a pretty clear setup it has as I mentioned uh been challenged here Around the 9th of November when Everything came down the whole market Cap declined by 25 and the crypto market Cap and also ethereum suffered based on That just a sentiment shift in the Market Um which certainly wasn't good and I I Really believe that Had we not seen this issue this Situation would be different today and We wouldn't be in such a challenge Challenging situation we're going to Take a look at that this sort of bullish Interpretation of the chart is valid as Long as we hold the one thousand dollar Level below that level it just gets very Very unlikely and the reason is not only Is the one thousand dollar level up

Psychological support level it is also The level that where we had a lot of Support here back in June so that's Something important to mention and it is The 88.7 Fibonacci retracement so if we Look at the entire pattern here and I Have to add those fips to it here the 88.7 where are we with that and so we Add this one and I'm going to add the This one this one Where's the 88.7 Done here yeah you can see that that's Roughly the one thousand dollar eleven Not exactly but prices are Dynamic so It's I've basically rounded it down from 1015 to 1000 but that is the key level Yeah because below that level it's Getting very unrealistic that this Bullish potential is still being used by The market so from that point of view Then we have to focus on Lower Um targets would be 880 most likely 650 Or even lower So and the problem is if we come down to That level to around 650 this is based On Fibonacci extension's key level but What could very well be and this is what We cannot rule out Is that should we lose the 1000 level we Might enter a much much deeper move down So 880 is obviously first support but I Don't expect it to hold if we lose the One thousand dollar level so the idea Would be maybe

This year would all be Um a wave a to the downside Then we get a bounce from maybe 650 In a b wave and then come down once more In a c this would be a very very uh Let's call it bearish interpretation of This but it's absolutely possible Um we just need to be aware of that Um so yeah it's absolutely critical that The 1000 level holds that's why I've got Below a thousand dollars some of my stop Losses set Um some positions I don't care about Because they are on the let's say on a Hardware wallet so I don't really do Anything with them Um but if I have a stop lossy at the Moment for the longer positions I'm Setting that below a thousand U.S Dollars because that is the absolute key Level the reward though would take us to Around three thousand dollars and more Right and maybe even in the long run to Ten thousand plus so there is quite a Good reward to risk at the moment and um Even though this is not yet the most Bullish wave pattern that I've seen Before Um there is still a chance we heard the One thousand dollar level and move up From here yeah Um important here in the very short term And that's different to bitcoin even if We uh make another low in this pattern

We can't rule that out yeah this is Consolidation triangle could be Trend Continuation so we can't rule out Another low here but that the difference To bitcoin is if Bitcoin makes a new low It will most likely go below the um well The bear market so so far power Market Low I think that was around 15 what 50 And a half k or something Um with ethereum we still even if we Make a new low here Below the 9th of November we are still Above the June low and it has a chance Still to hold the one thousand dollar Level so Bitcoin we have a problem this Is so called a so-called triangle Pattern and I mentioned before that in The bearish interpretation here you can See that as one two Three Airway 4 triangle and the wave 5 Down The advantage on the ethereum chart is That this can hold the one thousand Dollar level so it does not even if we Make one more low in the short term it Would not invalidate the larger bullish Potential But Bitcoin is obviously different Um That's why I've been saying to you that The ethereum chart looks much stronger And it has played out so far Um but yeah I mean this is still a Situation where similar to bitcoin we

Haven't really we're not really getting The bias in at the moment we're in a Consolidation pattern the view is here That possibly on the 9th of November the Wave 2 finished and we have since then Started Um a one two setup basically an uptrend Here and a wave one again it's not Highly reliable I mentioned that before As well because of the structure and Then here a wave 2 to the downside Currently which could now come down in The very short term to 11 30 and then There would be a way three up away four Down away five up all part of that Larger wave three this would sort of be The bullish outcome of this and to get Really evidence for that we would want To see a break above 1290 that is Required on the flip side again this is The bearish count one two three here Triangle four and this has become more Likely now in that we really see a solid Triangle pattern here so the wave down Could just then be the the next low Right could be one more wave down and it Makes a new low but it could hold the One thousand dollar level that is what We need to see then if it does Um because then there's another chance For a bounce from the one thousand Dollar level Um And to basically make the imminent

Uptrend less likely we need a breakout Below 11 30. Yeah that is the lower support of that Support box and yeah these are the two Main scenarios similar to bitcoin we Need a signal here in the very short Term so I go to the one hour chart in The very short term Um we might see this play out here the Yellow count one two three four five That we really come down to 11 30. it Has also not entirely followed through On that but overnight we've seen here Another swing low small one right Um so yeah it's just time to be a bit Patient here with this movement Triangles are difficult and we just need A signal either above 1290 or 11 30 Below 11 30. Um at the moment there is still a chance To see this as a combined one two one Two setup and if we don't make a new low I might go that way but it doesn't Really change anything in the short term So don't be too hung up on that it Doesn't really matter too much what the Subwave count is here this is really Micro counting important other levels of 11 30 and 1290. important is to know That This child probably more than many other Child still has some bullish potential And it can deliver that but of course The market participants needs to need to

Do it and then to come in and the Sentiment needs to shift again and I Think it can shift quite quickly as soon As you get a breakout above the 1290 Level but of course you know we need to See that first and need to see some kind Of a signal but what I can promise you And that's I mean it's not guaranteed But it's pretty much uh what always Happens is that when you get really Squeezed into a triangle Apex like this There is usually a strong impulsive move Following so if that happens here on the Weekend or early next week unclear Because we're not yet exactly in the Apex but the price is really getting Squeezed more and more you can see the Volatility here is reducing so much and Having over the last well Basically we've seen on this channel so Many triangle patterns and so many of Them have been in a way for that we just Need to be ready for one more lower I Mean but then again the chances still That we hold the one thousand dollar Level because triangles often occur in a Wave four and that would be a move to The downside but again that's why we've Got the 11 30 level as signal okay and 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

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