Foreign Welcome to another update video about Ethereum so ethereum is following the Main count here and is indeed reversing Or did reverse in my green support box A little bit on the upper side but to be Honest we did actually reach the perfect Target if you remember we talked about The 1218 level in previous videos I made You aware that we had reached the target For wave C and that was the 12 18 level And we did reach 1220 so it was really Really close basically Target reached Here to the downside in this ABC pattern Um oops which was part of a larger wxy I Think I deleted that accidentally let me Just move that back that was a w XY pattern Um yeah we had them The indicator first indication that the Bottom was in place in the previous Video when we talked about here that um The channel was broken that was the very First indication I told you the next Larger indication that a lower has been Made is here would be a break of the 1275 level which was also broken So yeah I mean at the moment it is very Reasonable to assume that a low has been Made in the green support box that the Primary count here which is the one two Setup is working out Um And uh yeah what else can I tell you you
Know we are we are moving up Um In my opinion still only three waves to The upside but a very strong third wave Yeah so it is going to be interesting How this is now going to how how it is Now going to continue what ethereum Certainly needs to do what the Bulls Need to do after this failure of the Bears they certainly have to now break Above this red resistance area this Resistance area we're already in it but This resistance area is located between 12 well 1268 and 1290 yeah but I only See three waves at the moment So we can start labeling now the third Wave which is already on the chart but We can start labeling the sub waves And we can have here a wave one we can Have here a wave two we can have here a Wave three and now we should be doing Away four possibly and the wave 5 to the Upside that would be wave one then yeah Possibly wave one of wave three up here Um and uh let's take a look if the Yellow Wave 3 Target was actually Reached but you can pretty much tell it Was um actually did overshoot it a Little bit so Quite a massive reaction because we Basically reached a 3.618 Fibonacci Extension so it's quite a massive Reaction actually to the upside and Um any bearish count well we had a
Bearish count on the chart as well the Alternative but which I told you is not Going to become the primary expectation Until we drop below 1185 for good reason Because This was the key area where we expected Ethereum to turn around and the move to The upset was way too strong to maintain The bearish account so big failure by The Bears Um and the question is now how low can This Wave 4 go so to do that we take Actually the Fibonacci retracements We'll take a look at it depends where Wave 2 ended but just give it the Benefit of the doubt to here and if we Calculate now the retracement of Wave 3 We would say that ideally Um oh well the ideal the ideal Retracement is now the 1266 level Yeah 38.2 percent FIB level and the 50 Is sort of the maximum it should do Let's say 1258 and below that then we Might be looking again at the failure of The Bulls because what the Bulls no need To do Is to maintain this support area so I'm Going to put it actually on the chart Here we should be holding now this area Between 1275 that's sort of the minimum You would expect for the way for And the maximum for the Wave 4 is 12.58 But anyway in here would expect the Reversal further to the upside in a way
Five and then we've got probably a first Wave of the third wave yeah and sketched Here in white Is how a solid bullish reversal should Look like so we've got the yellow higher Degree wave count And then here the lower degree pattern Highlighted in white Um where we should see in our third wave In white Fourth wave and the fifth wave so again Very clearly next targets for the Bulls Need to be to hold this yellow support Area if we fail here then we will Probably break down again will be Interesting how this is then structured Well my first take then would be so if We really fail and break below 1258 Then I would probably have to assume That we've done a one two setup here Already that somewhere in here we've got A hidden four and five so basically that Whatever we had a three four Five I would need to go to the Subways Now and that we are then already coming Down that this is then a wave one Already of wave three and we will come Down a bit deeper maybe to 12 47 or 12 36 but um at the moment I'm going with This and it would also not change much It would just mean a little bit of a Deeper retracement Yeah but that's my update about ethereum Looking good for the main columns um it
Would be interesting to see if we can Now push through resistance because as You can see here This is quite a strong resistance line Here yeah one two three tops already This might become a fourth one but we Really need to push here unfortunately We're not very much overboard already so If you take a look on the one hour chart Or a massively overbought so there Should be that kind of retracement here Which brings the RSI back down again Um so yeah it will be interesting what This is going to become here But yeah we should really if this is the Bullish count if we're following here The third wave we should be pushing Through and uh to be honest the reversal Here makes the impression it is a wave Three So we'll see I'll keep you updated hope You like the update about ethereum 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