Foreign [Music] Welcome to another update video about Ethereum so ethereum continues to be in This sideways movement here already Indicated in the last video that we're Probably coming down a bit lower For the completion of this fourth wave In yellow which should ideally be Followed by a fifth wave in yellow so There should be some more upside here We can also calculate based on this Um the target For the fifth wave here that would be a Fifth wave of a third so it would only Finish off a third wave right really the Next rally yeah Um so let's take a look at the possible Target for that For that or to calculate that we take The length Of the very first wave here in yellow Taking the length with the Fibonacci Extension tool and we add it to the Current low because the Wave 4 could be Finished to be honest The first Target would be 1338 that's the one to one ratio I think A very very Um likely Target 1338 I'm gonna put here the line in Place Um and then the second target the Extension Target the stretch Target
Would be 1381 the 1.618 extension these Are two viable targets for a fifth wave Based on the assumption that we could Have bottomed here already in the fourth Wave so a fourth wave is usually so it Could be a triangle but most likely an ABC Which it looks like at the moment a B C yeah so we retested basically the Trend line here the yellow ascending Trend line from Below And um yeah there we are and in the Previous video was it yesterday I told You that um you know anybody who Entered anywhere in this wave three as Soon as these moving averages cross Bearish it might be time to exit they Did cross bearish here when we were at 12 where was the price 1279 so pretty much at the same price Level so these are obviously just it's Just one indicator really and one way of Trading a third wave I did explain that Before we made a live stream remember Live stream for that and also posted That yesterday on the telegram Group Um so you find more out of find more Out about that Should you want to become a channel Member there's tips and tricks about Trading as well Um but from this Wave 4 support area
Yeah we could now at any moment in time Start to move up in that fifth wave to Possibly 1338 or 1381. what is this way for support area Based on well it's purely based on the Fibonacci retracements of the third wave So it is explained that in the previous Video as well it's between the 38.2 and The 50 FIB level it can go lower Um And I get to that in a minute but Normally a wave 4 would not break below The 50 FIP retracement in fact the 38.2 Percent retracement is the ideal level The ideal Target for a wave four and we Reach that But so far there is no sign that this is Bottomed okay So we have to expect possibly lower Prices I think it as soon as we get Above this wave B high at 12.95 it is a Really good indication that wave 5 has Started so keep an eye on that level Um we could even come down a bit lower All the way down to um here the region Around 12 40 I would say the reason for That is that there are a couple of ways Or different ways how this move to the Upside can be counted So obviously we want to keep that in Mind normally I would say below 1255 Here The um the pattern is broken and this Pattern indeed is but there's another
Way of how I can um How I can label that so um that would Allow us to go down a little bit lower Maybe to around 12 40 but below 1240 I Would lose confidence in this uptrend Very honest with you Um we then need to take it from there But ideally ideally ideally we find Support at 12 55 and don't drop below The 50 flip level if it does it will Already make the uptrend less likely and Below 12 let's say 12 43 here it will Get really really challenging so this is Just a short-term support yeah key Support Very important generally even if we come Down lower as long as we stay above Eleven hundred dollars which is here This support area the lower The lower level of that support area As long as we hold above 1100 we can Focus on higher and look at the area Around Um Fourteen hundred dollars right to Complete all of this so Let's say we get to 1338 next Then we'll get this Wave 4 down and the Final wave five up and that should be it And then Next decision point because this will Then be the um the moment when the next Retracement is going to tell us do we Get this fifth wave down which is
Currently primary expectation And we might make a new low below the June low But ideally we hold one thousand dollars And try start again Or Do we find support here Um maybe in the 1200 region maybe 1100 And start again and if we do that then It would Indicates that a much more substantial Low for ethereum has been made already And that indeed we are in the breakout Into the direction of three thousand Dollars as Um you know as we've been waiting for it For for weeks and weeks and weeks really But yeah 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 channel membership thanks a lot for Watching bye Thank you