Foreign Welcome to another update video about Ethereum so with ethereum we dive into The one hour chart really only a quick Update guys because it is really really Boring day not too much is happening Still wanted to do another ethereum Update um just to make you aware that What we're currently producing here yeah It cannot be a triangle anymore at least Not an Elliott wave triangle most likely Not Um again the view remains that we've got This upside short-term upside potential As long as we're holding the 1255 level That won't go through the entire account Because it's going to be a quick Express Update but if we break below 1255 then We most likely fall back into a lower Support area as long as we're holding 1185 then we can still go higher and Rally but below 1185 is getting tough We're going to fall back to 1100 and if We lose that level we fall back to a Thousand dollars these are the key Levels and below a thousand dollars that Is when the chart context flips to Bearish yeah the overall context of the Chart flips to bearish and we are most Likely going to break the June low as Well And we should see 650 however as long as We're holding the 1255 level that chart Is most likely going to play out and we
Have here a one two setup we are Basically now in a third wave there will Be a fourth wave and a fifth wave and um In this third wave here we have a chance To put one more leg to the upside in That is my primary expectation Especially as Um we are currently putting in a Corrective sideways movement yeah Consolidation on a quite a high level so That is not an impulsive move to the Downside which is currently unfolding it Looks corrective therefore my current Interpretation of this is that we should Get one more leg to the upside that Would be ideal or ideally a wave five And it should ideally reach the 1400 Level at least if I measure the target For the yellow Wave 3 because it would Take me to around fourteen hundred Dollars to 1.618 extension Um I there's another way of how I can Calculate a Target and I take here the The smaller degree wave one and I go to The last low here and that would take me To around 13.79 so in that region 1379 to 1407 Yeah maybe maybe and that's the very First Target but that would be quite low For a yellow wave three it would be the One to one ratio 1335 but only reaching 1335 it would be a bit too weak for this Yellow Wave 3 therefore I'm looking at
Higher important though is again I can't Repeat it often enough to hold this Support area this currently looks to me Like a wave 4 a way for because a wave 4 Is boring right and because the wave Count fits quite well this way for So we'll wait for most likely it would Be an ABC pattern Um let me show you I had in my previous Video a triangle here but it can't Really be a triangle anymore because we Came down a little bit too low here now We wouldn't take that too seriously but Obviously there were rules and we can't Just break them maybe on some exchanges That low was not lower than this one and We could still look at it in terms of an Elite wave triangle yeah this would be The triangle pattern and we would break Out to the upside from here but in the End it doesn't really make a great Difference if it's an ABC or ABCD Triangle if it's an ABC then we're Looking here at some point at completion Here very shortly Um Maybe down to 12 55 really but that Should be it it shouldn't really drop Below it if it does it's most likely not A wave 4 anymore and we need to fall Back into another wave pattern Um we can calculate a target for the for The C wave as well in that we take the Length of the a wave we go to the high
Of the B wave and the ideal Target would Actually be 12 59 50. that would be the Ideal Target the one to one ratio so Maybe one more like down and that would Actually fit it quite well maybe one More leg down because if I zoom in you Can see that if I label it indeed as an A B C structure then we are looking Currently at the C wave and the C wave Is a five wave move one two three four Five okay that's my update about Ethereum 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 please check out the Channel membership thanks a lot for Watching bye bye Thank you