Foreign Video about ethereum not really much to Add to the last video Um ethereum is still in this pattern Where it could either be A one two setup and it has another Chance to Rally in a Wave 3 but for that It needs to hold 11.85 if it doesn't Hold 1185 probabilities will shift to a More direct sell-off probably into the Region of 1075 or even 1 000 or even Below that you know so there's basically Two scenarios either we have a chance to Reverse in this support area and rarely And go to 1500 and above Before we have another decision point up There Which could take us to another low but At least this would unlock short-term Bullish potential or we do the direct Sell-off and the key threshold or Decision Point here is this support box And especially the 1185 level because The 1185 level is the 78.6 retrace and It is very unlikely for a wave 2 to get Below it and still have a chance to Rally okay so that's the key threshold Here below 1185 I could nearly remove The bullish count and we will stick with The um Stick with stick to I don't know we'll Go with the orange count right and the Orange count means direct sell-off here In a five wave move one two three still
Ongoing four and five and you know these Can extend out But it would mean that we're in a five Wave move down the orange count yeah and That we had really a more substantial Top in place as I want you already on The weekend it was not primary Expectation and it still isn't but it's Still something that when we trade when We look at our risk management we need To be aware that a more substantial top Could have been in place here and you Can see what happened we dropped down Okay so we need to know about these Options and and probabilities and Possibilities Um in the market Now primary expectation though is still That this is a wxy pattern Um and that'll be coming down in W X Y We already reached the 12 18 level here That was an ideal Target that I gave you Yesterday now that was an ideal Target Which doesn't mean it needs to be over Here in fact the development of the Price since the low here at 12 12 18 or 12 20 depends on which exchange you're Looking at Yeah it suggests that this move down Isn't over yet now it could be that We're still in the in the C wave that we Had one two three and this is a four Away four is usually a very boring Sideways range and that we could drop
Once more I wouldn't be surprised in Fact as long as we are Still in the channel here my focus will Be further on the downside as you can See we still have a lot of space in the Screen support box to go down lower to Max it out or just use it halfway okay Next key support will be 12 one second What no no 1185 I think is one and then In the middle of the Box we've got a Support level as well oh yeah 12 10. now We've got 12 30 that's exactly the fifth Level we're currently dancing on the 50 Level Um which is actually not the Fibonacci Retracement but it's a it's a Retracement level that's commonly used And of course there's relevance um and Then we've got the golden ratio the 61.8 Percent flip level at 1210 that will be Relevant maybe for another low and then We've got the 1185 level down there so Uh the again the movement of the low Yesterday looks very corrective it looks Like just direct like sideways movement Maybe even a bare flag or a so-called Rectangle pattern yeah which is not an Elliott wave pattern but it just exists In in in charts on on charts so called Rectangle pattern or bare flag which Would normally be a trend continuation Pattern that would actually be in line With my view that this could be a one Two three Hero 4 of c and we drop down
Once more lower Always important to understand that we Have now reached the support area and From anywhere in these support areas we Can start to move so there's no Guarantee that we will get one more low But it seems likely as long as we are in This rectangle pattern and as long as we Haven't broken out of the channel to the Upside additional information or Confirmation that we have reached a low Already would be if we break above the Wave a low that is at 1250 and we break Above the wave B high at 1275. And until then we just need a bit of Patience I mean this could also be some Kind of a leading diagonal but it Doesn't really look leading at all Um so yeah there is always a bullish Interpretation as well that we've Already seen the low but it doesn't Appear very likely yet it doesn't appear Very likely yeah so we'll keep watching Keep observing but just be aware that Anywhere in here we could have now we Could now reach the low I don't think We've reached it yet yeah I'm leaning Still towards further downside and Should we drop below 1185 we have to get Um and focus on the orange count which Would be the direct sell-off into much Lower regions 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