Foreign Hello and welcome to another update Video about ethereum so ethereum broke Out as already indicated earlier today You know it broke out of this descending Channel that is at least short term a Bullish signal because we were here in This downward sloping Channel and the Price did not reverse at the upper Boundary of the channel so it continued It broke through in quite an impulsive Way I showed you in the previous video How this can be counted Um as a five wave move to the upside and At the moment we can focus on higher as Long as As long as the 1150 level is holding so This swing low of this Wave 2 here that I've got there in yellow yeah this needs To hold this wave too low and that is at 11 50. as long as this level is holding We can focus on higher Um And um the idea is that obviously we you Know we made a load down there we Created then from that swing low Position down there we created a five Wave move to the upside for now that's At least how we can count it it's the First signal that the trend might be Shifting to the upside now That does not necessarily mean that we Are in a super bullish pattern here it Just means that there is more short-term
Upside to be expected Um as long as the 1150 level is holding And the wave count can give us price Targets to the upside which I'm going to Take you through so Um So let me make that a bit smaller so at The moment yeah as long as we're holding Above 1150 the view is that we are Moving up here in a five wave move in Yellow Um that is based on the assumption that From that swing low on the 9th of November we moved up in a wave a This down here is a wave B and we're now Moving up in wave C Which I still have on the chart here as Alternative but if price action persists To the upside I will make it the primary Which means that this Wave 4 which I had Here That's sort of the sort of older bearish Count yeah Um I will move the way for here and that Means that the Wave 4 never finished Originally we expected Wave 3 down here Wave 4 up here and we are already in the Way five down but as we obviously broke Out of the channel to the upside that Shifts the probabilities more towards Um the situation that Wave 4 will end up Here and in the Wave 4 we just have this A b and c Hmm and this scenario will remain quite
Likely as long as we are holding the 1150 level So I'm not exactly going to move it over Here yet but maybe later but you know That at the moment as long as we're Holding 1150 we can focus on higher Um if we now look at the lower level Wave count By the way this does not mean that the Low for ethereum is in it just means That short term we can look here and Observe a five wave move to the upside I would primarily then see that as Wave 4 which would result in another wave Five down maybe to a thousand dollars or Lower we don't know that yet Um it could also be a more bullish wave Count yeah we talked about the larger Bullish pattern for ethereum but again We won't really know that until we get The five waves up which are happening Right now and then when we are holding The retracement and make a higher low And then we can use that as another Entry point and then we can trade the Next wave up and then we have Um the situation that most likely the Low was in So in that this would then be a wave one Hero wave two hero wave three hero A4 And away five in the very bullish Interpretation right Okay but at the moment we can only trade And analyze and understand what's in
Front of us so let's take a look again At the lower level of the wave count Um at the moment it looks like we made Those five waves up I did all the counts In the previous video so yellow wave one Finished here That's the view at around 1180 we then Came down in a very shallow wave too Um it could also be but that doesn't Really matter too much it could also be That wave one was only finished here But for now I'm going with this wave one Two and then this would already be the Next one and two so that we've got a one Two one two setup Ideally Yeah this would be the next five wave Move obviously Um unfolding in the third wave here One Two then three four five let me change The wave degree So This this would mean we are looking here At five waves to the upside next to Finish off this third wave confirmation For that we will get as soon as we break Out of the channel to the upside if we Now break out to the upside in a way Three of three that should be really Really a nice rally And I think that is quite likely as long As we're holding 1150 I mean even if we Briefly drop out of the channel to the
Downside I mean it wouldn't be great but Um the retracement here for this Blue Wave 2 is quite shallow anyway So we've now reached the 38.2 FIP level Um at 1190 yeah it could theoretically Start from here it's a good uh time to Turn around now to turn around here to Get a bounce to the upside Um a break above 1216 would confirm or Be a first indication that a Wave 3 has Started but even if we go down a bit Lower Um I would still look at a Blue Wave 2 Here as long as we're holding well short Term above 1163 that's the 78.6 percent Flip level and then obviously we need to Hold the 1150 level because below that It's invalidated Um but yeah if we now see a balance and Break out of the channel to the offset Is most likely a wave three of three and It would confirm further upside and a Target for that I can give you that as Well Target for the Blue Wave 3 would be Around 1300 US dollars And that's where we are at the moment Oops didn't want to do that With ethereum uh looking good looking Exciting so Um breakout of the channel would be Useful as long as we're in the channel We can just follow the channel and um Yeah it's looking interesting it's a Well-defined Channel at the moment but
They don't normally last very long Especially not on such a low time frame Because they get quite obvious and People start trading them and if Everybody's starting to trade them they Get broken so here we're looking at a Possible break to the downside then it's Important to hold those support levels I Gave you Um If we break to the upside it would Confirm the beginning or the unfolding Of the third wave and then we can Generally look at higher here then there Will be a wave four at some point and The way five and that will be the next Decision point for ease okay and that's My update about 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 Thank you