Foreign [Music] Video about ethereum we take a look at The latest developments here on the Ethereum chart by the way I'm going to Tidy it up a little bit just take that Box out we don't need it anymore move That to the left Take those lines out just to keep it Tidy a little bit and then we take a Look at the chart right Um take that channel out as well to Knead it okay and it looks suddenly a Little bit tidier so overall you know Ethereum still in the same or very Similar wave pattern is Bitcoin Um this hasn't been the case for a while But I think with the FTX to Rob things Were all like reset you know and the Coins had a chance to start from scratch Together Um what we currently see here what is Playing out is still this inverse Head And Shoulders you can ask or you could Argue it's this head and shoulders Inverse yeah This one or even the large one which is Currently playing out here we've been Talking about that since the last Weekend Big right shoulder though Um but yeah I mean this we had these These possible reversal patterns plus a Short term bullish Elite wave count and
Currently the account is following that Other chart is following the elite wave Count which is good Um Overall here what you need to know with Ethereum is still that we can generally Focus on further upside as long as we're Holding above one thousand dollars That's really the main level because we Lower a thousand dollars the chart Context flips bearish all right Um until then We have to deal with this sort of Short-term bullish pattern where we're Saying well it's a corrective pattern First of all it's not necessarily Bullish but just short-term bullish Because from this low on the 9th of November we moved up in what I believe Is a wave a we came down in a b wave and We're now moving up in a c wave in a Five wave move [Music] Um This could of course become something Bullish if we say that maybe The bear Market law was in here well it Would have would have been in June Wouldn't it June at 880 and Um This local correction was finished here And we don't see another Fifth wave to the downside but there's Currently no way of knowing that which
Is why I think from a strategic point of view It's fine to play this uptrend In Long trades And then just to be aware that the Retracements or the retracement which is Going to follow as soon as this pattern Is full is going to tell us a lot about The next few months in crypto and on the Ethereum chart because the retracement Depending on how sharp and steep it will Be will tell us are we in a way five and Are we making actually a new low or is To move up a wave one an Impulse to the Upside that indicates the trend has Changed And the retracement is putting in a Higher low basically a wave 2 which Would be allowing us to push up higher In a wave three and if we hold support Here Then this will be a strong case that we Can make for the low for ethereum was in Okay so very very very clearly Um But generally as long as we're holding The one thousand dollar level I don't think we're going to see the June low again but if we break it then The upset potential is probably gone Okay just to be aware of that so if we Take those lines out again Um what is important I think is most Imminently is to focus on this so I
Highlighted here Already is a top in place We just need to be aware of that because If we now drop too far the market has a Chance to reverse from here it does Because it could be the pattern there is A pattern which is full we can count This not as an ABC But as a w x y w three waves X three waves y three waves one two Three could also be just an ABC wxy Pattern could be full and we could break Down from here and make new lows you Just need to know it's possible we Haven't seen a reversal signal and to be Fair I think there is no top in place And the reason is that the move to the Downside here or the sideways move that We're doing at the moment is rather Corrective if we had really A w x y and the pattern was full and We're going to come down then we should See an impulsive sell-off to the Downside now I haven't seen that at Least not yet but I'm watching I'm Watching this closely I'm gonna keep you Updated about that Um Okay If we assume the primary expectation Which is the count that's on the chart Here is playing out Then we should hold support in this Yellow box
And you can see how relevant this Support box actually is Right we've Touched it one two times three times now Nearly a fourth time actually How is this support box calculated well It's based on the length of the third Wave and the retracement so it's between The 50 flip level and the 38.2 percent Flip level that's the ideal Target for a Fourth wave So anywhere here It should stop if it's a waveform Um There is no case currently to be made For you know Wave 4 has bottom yet Because there is currently no let's say Bullish reaction coming So it could very well drop a bit lower Here maybe to the 50 flip level at 12 56 But it shouldn't drop below 1256 if it Does then it's most likely either that We have a top in place or this entire Move to the upside Can be not counted only as three ways But as a as a five wave move that's yeah That's the second bullish option so the First bullish option is here Three waves up But you can also interpret it in a way That you say Um okay this is actually not one two Three it's actually a five wave move up It can be counted like that Um and then you've got to keep it simple
I don't want to confuse you but to keep It simple we then have a one two one two Setup and we can drop a bit lower Wouldn't be a problem as long as we're Holding Let me just show you as long as we're Holding Above the 78.6 retrace above 1185. so to Keep it simple we've got key support at 11 56 if we drop below that sorry 1256 If we drop below that it could drop down All the way to 1185 As long as we hold that we still have a Chance to Rally in a third wave if we Drop below 1185 it's going to get tough Then we're probably going to test one 1100 and 1000 and then maybe even lower So these are the two key levels that Need to hold for imminent bullish Potential 1150s at 12 56 and 1185. Now how in the very short term can this Play out well in different ways Um To be honest a very compelling option Here because it's a way for would be a Triangle option we say the Wave 4 he Unfolds as a triangle a b c d e and then The Wave 4 would be finished here and it Would eventually break to the upside That's of course of its speculative at The moment Because We only have really seen a wave a b and Maybe C
But this is certainly something that in A way five four is quite likely And this would mean that the wave C Should be finished normally we should Break out or not break up but we should Move up in a wave D now important would Be that the wave D stays below the B Wave so it should stay below 1304. yeah Um just for fun we can calculate the Ideal Target for the wave d But this is really speculative because There's currently no real evidence that It is a triangle But yeah ideal Target would be 1292 for The wave d Okay Because this could easily just be an ABC And we we come down a bit lower in the C Wave so if we drop below 1263 it's not a triangle I can tell you That because then we take out the wave a Low something that the wave C shouldn't Do then it's most likely just an A B C Or something more bearish okay But important would be for imminent Upset potential to hold this box Which we seem to be doing at the moment And Um generally I think we should see one More leg up because the price action at The moment is fairly corrective we don't Really see impulsive price action to the Downside at the moment that can of Course change and if it changes I will
Of course make you aware Yeah okay and 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 [Music] Thank you