Ethereum ETH Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Ethereum ETH Price News Today - Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Foreign Video about ethereum so ethereum is Recovering a little bit as the whole Market is which is unsurprising after Such a strong sell-off yesterday I Mentioned yesterday that You know the market is massively Oversold as you'll probably know and There will be at some point a recovery The question is now is this recovery Going to be a really let's say bullish One or a more extensive one Or do we come down straight away well we See some coins that are really Recovering I mean really well Um we have recoveries between five and Fifteen percent maybe even more so let's Talk let's take a look at um let's take A look at ethereum in this particular uh Moment here so overall I know it's Difficult to understand and to to view It that way but I still see it as a one Two setup That is obviously Um really maxed out now yeah as I said It should not drop below one thousand Dollars because if it goes below a Thousand dollars this whole chart flips A bearish and then we have to see the Way or the movement that occurred Between June and here the high in August As corrective wave Now that would mean that way of coming Down impulsively instead of in a

Corrective fashion and then there will Be no Wave 3 to around three thousand Dollars or there will be one but it will Be much later only after we probably put In a new low okay so Um it is a difficult time at the moment Um The ideal scenario has obviously been Invalidated we talked about that Yesterday Um that ideal scenario would have been a One-two set up here and then the next One to set up of the higher degree Wave 3 here and then we could have rallied Right this Wave 2 was basically Invalidated Um but it's all the question about how Do you play this strategically and I've Constantly shared My Views and my Strategy around this and I think this Has worked really well so but let's take A look now this can still be a wave 2 we Just had to reset it a little bit lower Um basically this is the wave one this Is the wave two and in this Wave 2 which Needs to hold a thousand dollars because Otherwise it will get really really Challenged Um We have here an um an A B C it's a short Wave C that's the problem I have but It's still valid so let's zoom in and Take a look because after the C wave Bottom we would rally all the way up I

Know a lot of people say You know you you can't talk about it Already now But that's the whole point Um of talking about a rally deep in Support just think about the March 2020 Low Um also here a lot of people didn't Believe that there would be a rally but Obviously it occurred right Um it's just when things look like they Couldn't get any worse then you'll see The chain see the change now I'm not Here yet to confirm to you that this is Going to start now because we don't have Any evidence yet it's recovering a Little bit Um and indeed That little lower level um movement here Here that that tiny recovery that can Actually be seen as a five wave move but It's it's too early to really confirm That it's just I think to know which Level we must not break below because Then you can set your stop loss and to Be honest we have been and we are very Close to critical support anyway and the Reward is massive so it's all about Identifying High reward low risk isn't It um And this is at the moment Definitely a high reward low risk setup Now if you use it that's a different Question if you think it's going to hold

That's a different question the truth is We don't know if the one thousand dollar Level is going to hold but that's not Necessarily the point of trading the Point of trading is to identify those Setups use them set the stop loss have a Low risk High reward if it fails not a Big deal because the stop loss triggers All fine right that's the play and That's the game and also being conscious About your position size so if we say This move down here is a c wave then we Have five waves down as complete This now works really well also with the Subdivisions we already had Five complete here I think when you had The when we had the previous video but It didn't add up that well but it was Possible to count it that way Um but now with One more low it also adds up really Nicely with the subway account so if I Look at it that way we can say that we Had here another one two setup just to Show you really one too this was a three Four and this is a five and now we've Got here Um This is the Wave 3 down this is the way Four up and the wave five down to one Thousand and seventy dollars this could Theoretically be finished does it need To be finished no not necessarily this Could still drop lower and there is a

Way of Um counting it differently that would Allow for one more low which I'm going To show you as well so you can Understand the likelihood and um you Know what it would entail so in this if If we consider this as a bullish Interpretation which I know is getting Challenged because we're just holding Above the critical support level but Isn't it impressive that ADA sorry the Ethereum is holding a higher low than June and Bitcoin has gone significantly Below it that is exactly what I've been Talking about over the time That you can't really look at Bitcoin And ethereum together and say just Because Bitcoin is going to break it's June low ethereum is going to do the Same I've always stressed that the Ethereum could just do a higher low in a Way of two hold the Wave 2 and then take Off but of course I didn't anticipate that something would Happen when I said that Um like we had this week right all the Developments Um but anyway let's take a look at the Fifth wave here to the downside which is Still possible to to run as a fifth wave Um So all of this could just be an Elliot Wave triangle just to explain that to You so

Um we could have here with a b c d e The e-wave would need to stay below the Wave C High and the Wave 4 would end Where the wave e ends so just to show You this is not primarily what I expect But it could Um it could be a count that leads to one More low And There isn't really a key breakout point I think the key breakout point to be Honest is probably here the low Edge 11 40 or 11 30 that will give you a Warning and then if we drop below 1070 We're going to put a new low in place Anyway Um this could take us down to a thousand Dollars I think there should be a bounce At a thousand if it is going to be Sustainable or not I don't know but There will certainly be a reaction but At the moment while we are going higher I think we can look at it in a way and Say okay this possibly was already the Way fire flow Of Wave 2 well off wave C of Wave 2 let Me actually put that ABC here onto the Chart So from the top here this was a wave a Moving up in B and coming down in C And then this is the five wave move Within the C wave right Okay so we now have a first and this is On a lower time frame we now have a

First five wave up On the eth chart could be counted as a Leading diagonal is it high probability Not yet because it's only a diagonal Pattern why is a diagonal because we Have overlaps here between one well Between wave one and four Um if we go to a lower time frame On the lower time frame we can actually See you could you could count in a Different way you have a small one two Set up here one two and then one so one Two Three four five And then maybe now a b and we could Would come down and see that you know Sometimes you see all sorts of things on Five minute charts so I wouldn't put too Much emphasis in it I think the key is To understand we can count five waves And therefore the importance is that This is the first sign of a possible Reversal not a guaranteed reversal but This is the first sign that you're Looking for when you're looking at Elliot waves and what counts now is the Retracement and the retracement needs to Hold the 78.6 retracement so let's say We have top now which I don't have Evidence for but let's say we did then The retracement needs to hold the one Thousand one hundred dollar level It's a 78.6 retrace And a rally above I would say 1250 now

Which is above this Wave 4 high and this Significant swing low a rally above 1250 In general Either now or after another retracement And then up would be a further Confirmation of a bottom in place it Would be amazing to get it it would be Amazing to get it and of course I can't Promise it to you but I think these are The things to look out for 1100 down Needs to hold and here the um 1250 level Needs to be broken to the upside these Are the the key things to watch out for If we move a bit higher in this Particular movement here Before we retrace the fips need to go up A little bit as well so then that in Sort of invalidation point or critical Level is going to be tested um no it's Going to move up as well then we've got CPI data released today it's not going To be quite encrypted for a while I Think which which is which is Interesting Um at least it doesn't you know uh bore Us anymore but obviously I would have Liked to to go the other way instead of Um crashing down that heart now in Yesterday's video I mentioned we are Deeply oversold we still are actually But we now see a reduction of the Negative momentum On the four hour chart that could Confirm to some degree that we are

Getting a recovery but it's very early Days so we just need to observe it we Also were oversold on the on the daily Chart Um Yeah but I'll keep you updated guys and 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 please check out the Channel membership thanks a lot for Watching bye

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