Foreign Video about ethereum so ethereum Um hasn't much not much has changed Since my last video so I'll keep it very Very short Um but we are still in this channel here And my view is we should lose that swing Low yeah at 10.75 we might have actually Made a new low already no we haven't yet So as per the binance chart here we are Still just above the previous low here From the 9th of November that's the Level that I called out as key support In the last video and videos yeah in Addition to support here at this in this Uh well the channel support basically Yeah all pointed to support at 10.75. However we haven't seen a balance or Anything yet Um so I would like to see a wave 4 to The upside and the wave 5 down that Would give us a bit more clarity however Should we lose the 1075 level straight Away which of course we can yeah it's The market who decides that if we lose That I think we're going to go quite Quickly to the 1 000 level and we would Have to assume that the Wave 4 was Probably already in Um and that we're already in a fifth Wave down However this move down should be a Should complete then a five wave move And around the one thousand dollar level
Should be the decision maybe slightly Lower yeah in the previous video we Looked at Targets here and we said that It points sort of in the region into the Region around 980 to one thousand Dollars for the next low and that will Be the decision Point yeah that will be The decision point I would personally Expect a larger balance from the one Thousand dollar level the reason is that Um by the way we're seeing bullish Divergences on the one hour chart Um the reason is because we are Basically on multiple time frames Oversold also here on the eight hour Chart we see a small bullish Divergence There but even on the daily we are Nearly nearly oversold yeah as good as Always so so one more leg down is fine Maybe two thousand dollars should push Us into the oversold range Um And whenever that happened recently we Saw quite a strong upside right it Doesn't need to be a substantial bullish Breakout but it should be at least some Kind of a bounce Um and then we will see from the Structure of that balance if it will be A bullish outbreak or outbreak break out So that means a five wave move to the Upside something impulsive or if it is Only a corrective mess then it would Point towards lower lows afterwards so
After some kind of a relief rally as we Headed here as we headed here it should Then lead to new lows now my view is Uh had we not had the situation around FTX this should have held the support But we'll never find out of course Um if ethereum so far is still making Higher lows compared to bitcoin Bitcoin Has already made lower lows ethereum Hasn't therefore we also cannot compare The Bitcoin And the ethereum chart there's a lot of People who still don't understand that Ethereum could move up with Bitcoin Going down Um so Bitcoin still having a more Skeptical or bearish Outlook while Ethereum actually could move up this is Still possible however obviously getting Less likely now but Bitcoin is way below The June low Um ethereum isn't okay so that's just Shows you uh how correlations are not Really useful they can be to a degree But not really for training or anything Um so yeah for me it's still possible That this is a general one two setup Where ethereum could surprise us and Move up in a third wave that's still Possible however now and were not Unlikely but less likely It will get unlikely below a thousand Dollars okay we're not there yet we Still have a hundred dollars to go I
Think we should test the one thousand Dollar level I think that would make Sense Um but this is then the decision point And I can't tell you if one thousand Dollar is holding or not but I can't Tell you the Mark still the market still Has bullish potentiality it has a Bullish uh opportunity from here yeah But only below a thousand dollars this Bullish potential will be lost it has Already decreased in likelihood as we Broke below 11 30 and rightly so we then Started to focus on the downside and we Have come down and we have come down all The way to 10.75 Um and I would expect us to go down even Lower maybe after some kind of a Short-term bounce in the way four one More low two thousand dollars in that Range But if we don't see a bounce from there And go down straight away that would be Bearish or if we see a bounce but it's Only corrective which I will be able to Um well talk to you about in the updates Then also I would expect another low Afterwards and that could take us down To 880 first and then 650. that's where We are you know and to start directly From here is now unlikely in my opinion Because we've basically come to the same Low as before double bottoms are highly Unreliable whenever we see them they are
Normally normally not working out of Course they do work out at times Um but they are not a valid reversal Pattern they are always looking they Always look good in in hindsight but the Reality is if a price like here retraces 100 percent off the move it is not Bullish in this case right so I would Expect at least one more low and then we Have another chance to move up Um from this wave too low But yeah that's where we are with Ethereum 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