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 [Music] To another update video about ethereum So yeah ethereum did drop below the low Of 1170 overnight Um yesterday I showed you here possible One two one two setup but told you that If we get below 1170 the second one to Setup has to be taken out and we have to Assume that the yellow Wave 2 never Finished Which is not too unlikely because the Wave 2 in yellow was very shallow anyway Where we had it before which was here If you look at the Fibonacci Retracements you can see that this was Really only the area between the 23.6 And the 38.2 percent flip level which is Not a lot for a wave two it's not Um it's not invalid but it's not um Likely okay not too likely in a bullish Environment yes But it's always worth looking at other Options then as well if you have such a Shallow wave too So in the end what happened here because We failed to push through resistance Here as you know and we had this Ascending wedge which is the bearish Pattern I talked about in the last Videos we broke down I would nearly say We broke down as expected Because I made you aware that this is a Bearish pattern it's most likely to

Break down but then we need to see how Far do we break down here that's what we Never knew we'll never know because it Could have been that the one two setup Holes so an ascending wedge is not Necessarily You you know it's not necessarily a Bearish pattern it just usually breaks To the downside which doesn't mean it Has to crash all the way down It means of course it can break down Find support and start to Rally now we Lost 1170 which means that we probably Come down a bit further So I'm going to show you the wave count Based on the latest price information That we've got here so we still look at This as a wave one where we peaked at Around 12 15. And I continue to think There is a chance from here short term For the price to move up And because this was a five wave move to The upside and it all depends now on This retracement if the retracement is Going to be in three waves Then there is a really good chance to See prices around 13 to 1400 in this Week And that could work out here in this a b C pattern here so if we now look at this C wave which is a five wave move how we Can label that I would label it as a Wave one this low here from the uh 26th

Of November at 1200 then we had a wave 2 To the upside A Wave 3 down this was basically the Overnight low I would say Here to 1160 This is probably a wave 4 to the upside And then there should be another wave Down and it would fit very nice in terms Of retesting this channel If I zoom out you can see this channel Would be nice to see this read test done Actually yeah it's very much possible I Think it would also work out in terms of The length in terms of the proportions It would work out quite well Keep an eye on that channel yeah I think That will be important support Um in fact it must not drop much lower Anyway because it should not to maintain The likelihood of a wave 2 here Um and to understand that it's not Something more bearish it would need to Owe the 1100 level if we break below Eleven hundred dollars I think we are going to head much lower We'll retest 1075 first yes but then We'll most likely go down to a thousand And maybe even lower okay Um how high can this Wave 4 go Again we can also draw here the fips And you can see we have really only Reached the 1172 level or 73 which is The 23.6 FIP level that's the minimum 4084 so theoretically it could now start

To go down I'm going to give you a Target area here Where we can expect the Wave 4 to turn Around Either here or at 1182 that's actually The ideal level so primarily I have to Expect the price to get to there to 1182 Because that's the ideal level for a Fourth wave 38.2 percent flip level maximum it Should do is the 50 at 11.90 if we get Above that level Especially if it's impulsive in five Waves I would have to assume that probably the Low has been made here this would become Even clearer if we break above the wave One low Which was here at twelve hundred dollars So getting above 1200 would be a really Good signal that the low is in already a Move above 1190 would be a good Indication for that and then the key Breakout point that we have Is here the 12 20 well let's call it 12 30 level here a bit lower than that Um but resistance actually starts at 12 15. this red bell red box and if we get Above that level Then we can get fairly quickly to the Next resistance area which is here 1270 To 1290 and if we get above that level Then we can look at the 1400 range but Again for all of that ideally we are

Holding support when re-testing the Channel and if we don't we need to find Support at eleven hundred dollars Okay that's my update about if 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 [Music]

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