Foreign [Music] Welcome to another update video about Ethereum so ethereum is still one of the Better looking charts out there However also here Primarily at the moment I still have to Expect one more low Um which doesn't necessarily mean that We have to drop below a thousand dollars If you've watched my previous videos you Will know that the one thousand dollar Level is absolutely crucial to hold Because if we lose that level we are Most likely going to see it drop below The June low of 880 and that could take Us to around 650 but overall it is still One of the better charts out there and The price actions so far Has not made the one two setup that we Have here and um one second that we have Here on the four hour chart it hasn't Made that unlikely so I'm still of the View that this could very well be a one To set up And then we could move up in a Wave 3 to Around three thousand dollars there Should be a wave four and away five Afterwards this pattern will get very Unlikely below one thousand dollars okay Because the one thousand dollar level is The 88.7 percent Fibonacci retracement Level So and then in the very short term here
Um in the very short term this to me Looks like um that you know from the low Which we made on the 9th of November That we are currently putting in a Corrective wave pattern so let me Explain The actually I've got some sub waves Missing here so the idea is that this Was a Wave 3 to the downside We moved up in a wave a came down in a b And we're now moving up in a c wave of The wave four and the c-wave is a five Wave structure Indicated here on this chart wave one up Wave two down wave three up wave four Down wave five up that's sort of how it Could play out When we get these five waves we have to Expect that it will come back in a fifth Wave and make a lower low But If the price holds critical support Which I can't give you at the moment so I can't tell you where exactly that Support level will be because we don't Know how high we really go but if as we Have a confirmed top in place we can Measure the retracements and we can talk About what is the key support that needs To hold To make it a valid breakout pattern Because it is very much possible that We're already in this larger Third wave I don't know where it is now
That we're already in this larger third Wave to the upside now right this is Possible Here yeah This would become very likely If we Do the five waves come back hold support Yeah and then we have our one two setup At the moment I have to assume yeah also In light of what Bitcoin is doing and so On that what we're doing here is just an A B C with short-term upside potential And then we come down okay Um but yeah important to have an open Mind here but these are the key Scenarios and you should be able to Understand now what you need to look out For to understand are we in a breakout Pattern or not So in the very short term now Let's go in one hour chart In the very short term we have come back Into this Um So we have come down yesterday as uh as Expected we broke out of this ascending Wedge to the downside bearish pattern Remember we talked about that Came down and ideally we are we are Looking for one more lower here ideally Yeah now I would like to make one change to this Wave count because it just adheres a Little bit better to generally the the
Elite wave principles Um what I'd like to do I would like to Move the wave one here which is Absolutely possible And then I'm gonna move this five wave move out We've got a wave a here a wave B was the Triangle because this is an elite wave Triangle here And then the C wave down which ideally Needs one more leg down to the downside As said before But with that pattern as well now we can Very easily calculate an ideal Target For the C wave so this is this is the Resistance area at the moment we are in The resistance area so ideally in this Move we're not going above 1190 if we do It would indicate that we already in a Breakout or that this move down is Already finished that would get even Clearer if we move above 1200 the wave a Low But what is the ideal Target for the C Wave down I take the length of the wave a go to The high of the B wave and The ideal Target Just go to the end of the triangle we Can actually see That we have already reached here the 1.618 extension 1163 that is sort of what you would Expect so that actually means that
Theoretically this move down could be Finished it doesn't look finished yet so I'm actually still looking for one more Low and if we then look at this chart As a whole You can see that there is key support at This descending trend line so if we lose The current support at 1160 or 11 58 we Could very much come down and re-test The descending trend line Of this channel So support will be around the 1120 level And then generally If we measure the fips And because I've moved the larger wave One I have to Um look at the invalidation point but It's basically here 1108 so Below 1108 or let's call it below 1100 That has been the level for the last few Days anyway below 1100 It will get very unlikely that we are Still in this breakout pattern even if It's just within a way for short term Upside but below 1100 It will most likely not work out and We're most likely going to make a new Low and retest 1075 and maybe even one Thousand dollars but yeah these are the Key levels to watch out for now Um and um yeah what I said before as Well if we now reverse either from here Or we make one more low and then go up Um all possible as long as we're holding
1100 Really good indication that we are going Up is this move above the wave one low a Wave a low at 1200 and the breakout Point is here 12 you could say well it's Between 12 25 and 12 30 breaking above That level can take us fairly swiftly Into the region around 1270 to 1290 and Then we're looking at the the um 1400s Okay All right that's my update about Ethereum hope you liked 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]