Foreign [Music] Video about ethereum we continue to be Moving we continue to move sideways here Take a look at what that pattern could Be and we take a look at the lower level Wave count for it as well Um it remains my view that we push Higher yeah no problem as long as we're Holding the support area that remains Primary expectation we also take a look At what that support area exactly is if I zoom out again won't take a look at The entire wave count here we did that In the previous video but here the view Is that from the 10th of November 9th of November when we broke down related to The FTX issue we moved up in the Wave A Afterwards we came down in a b wave and All of this is just a c wave here which Would put in a higher degree wave four So ABC nothing super bullish but Short-term bullish upside potential We've been talking about that for a While now it's so far has played out and Now we've reached a critical point I need to talk about that in this video As well and the primary expectation is After going higher that you will still See another break out to the downside But this there is no way of saying that With any certainty at the moment Um it could very well be as well that This five wave move in which we
Currently are is already Part of a breakout pattern so basically Not a way for but A wave one so the possibilities as well That this Wave 4 was actually here the Wave 5 was here double bottom we Finished this correction and we already In a breakout pattern to the upside we Will not know that until we finish off This five wave move and then get the Correction done hold support and when we Finally do a higher low here then we can Be certain that a low has been made here But until then we stay on the side of Caution and assume that all of this is Just a way for in line with a Bitcoin Count okay I think that makes sense even though They don't always move together but Still there are correlations so looking At this movement to the upside here Um again the view is still this was wave One this was a wave two when we came Down to 1150 we're now in this way three To the upside there will be away four And away five it's important now to Understand how this Wave 3 plays out Um generally a target for this wave Three Would be One thousand four hundred dollars that's The most simple way of how how to Calculate it this can also go a bit Longer that's not a problem but it
Should reach fourteen hundred dollars to If this is the correct wave count yeah Then we should reach in the wave three One thousand four hundred dollars uh in In a way five then even higher okay and After that wave five is done we should See that next decision moment in that Retracement you know do we make a higher Low or do we break down and then we can Say with greater certainty even more Substantial low has been made down here For ethereum so if we now zoom in My primary expectation remains still That this year is currently a way for What we're doing and we would push Higher in a way five or three afterwards So Um that this year was wave one we came Down in a two we moved up into three We're moving down in the wave four and There will be one more wave up in a wave Five that is still the primary Expectation and that will remain primary Expectation as long as we're holding the Critical support area and let's take a Look at this support area and how is it Defined so it all goes down to around 1255 okay so we should not drop below That 1255 level if we do it's most Likely not this particular wave count Here anymore So we just need to be aware of that yeah Because a wave 4 would normally not move Down lower than the 50 FIP level so I
Currently have this as an ABC pattern Here Um And however I have to change my view I Have to move the waves across a little Bit it's actually not too unlikely that Wave C comes down a bit lower But it could also be and that is what There is no way of knowing that at this Stage We could we could be in an overall Elliot wave triangle for the way for Away four likes to do this yeah a wave 4 Likes to do this stuff and if this is an Elliott wave triangle the count would Look a little bit different We would then have to say yes a B As long as we stay above 1263 we can go With that c there will be a D in the Knee and then we would move to the Upside just be aware this could become An elite wave triangle to become an Elite wave triangle to B1 we need to Stay above 1263 we need to stay below 12 97. But if we break below 1255 And I mentioned that in the previous Video we may have to assume that a more Substantial low has been made here and That this is Following A one two setup and another one to set Up so we have a one two and the way Three in yellow and that this one to set
Up would only be part of the wave three So wave one a wave two then there would Be a wave three of three and so on it Would eventually be the more bullish Count yeah because if this is already a Wave one here that peaked at 1310 then Come down and wave to the next wave Three would already take us to around Whatever 1400 So eventually this yellow Wave 3 would push even higher so just You know it depends now very very much On which support level do we actually Hold and it generally is my view that If we break below 1185 This whole upside potential isn't going To work out anymore because then we're Breaking below the 78.6 FIB level and It's most likely not going to work out Anymore in a bullish way but that's Where we are you know I showed you the Lower level wave count Um when can we be more certain that Actually this wave 5 to the upside is Starting or continuing it would be a Break Above This 1297 level we break above 1297 then I Think we push higher here in a way five Of three and the target for that Wave 3 Is 1400 we talked about that we Calculated that Um there's another way of calculating a Target and that's also a viable way of Doing it in that I take the length of
The wave one we go here to the low and The key Target first Target would be 1340 the one to one ratio and the Stretch Target is 1383 so we've got 1340 1383 and 1400 Unfortunately these are all viable ways Of calculating a target with a Fibonacci Extensions so um it's a bit of wait and See it depends on which does this Support level hold or not and if it Doesn't hold Where do we find support so I can give You that level as well I already gave You The 1184 level that we need to hold but Let's say we break below 1255 then we Can find support in the area between 12 29 and 1284 because then we have a 1 2 Set up here and if we break below 1184 It's most likely a direct sell-off two New lows okay and that's the moment 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 [Music] Thank you