Foreign Welcome to another update video about Ethereum so ethereum continues to Um follow the primary wave count here we Did retrace as suggested in the earlier Video today in in a wave two so we're Going to zoom in and take a look at that In detail And um yeah but broadly uh or generally Yeah I think ethereum is still in this Sort of short-term uptrend with the Latest development especially from Yesterday this strong move to the upside Um I see some potential really really Bullish signs and that might set up Ethereum and also Bitcoin actually for a Short term ready towards the end of the Year we will see uh I did share on on um I did share on telegram at Discord a few Days ago for channel members that Usually from the period from the 15th of December to the end of the year at least In the stock markets is one of the best Periods Um historically really yeah and even in Bearish years you normally get a decent Rally now okay this year could be Different I mean let's say past Performance is not a guarantee for for Future success and if you want to call It like that but Just just something important to be Aware of so yeah it's a good time Actually to set up this this sort of
Bullish um bullish setup I would nearly Say right for ethereum but of course It's important that we hold a certain Support levels and let's take a look at Where we are generally Um yeah as suggested in previous videos I think we are still here in an ABC Pattern it could also be something more Bullish okay but we will not know this Until we finish this pattern and then See what kind of retracement we get or Pullback if we get an ABC corrective Pullback we hold a certain support level That we will then be able to Define then It will be a very very Buddhist setup That could set up us set us up for three Thousand dollars and Beyond Um But if we make uh if we see that it's Going to be an impulsive move down then We will probably retest well the other One thousand dollar level and maybe even Lower we don't know that at the moment a Possible really bullish scenario and um A short-term bullish but Let's call it medium-term bearish Scenario they are short-term basically Doing the same thing so um It's good on one hand on the one side Because it means we are Um following basically the same wave Count there's certain Confluence here as Long as we're holding certain support Levels
But it just means that we just need to Be very very we pay a lot of we need to Pay a lot of attention when we've Reached this target up there maybe Around fifteen hundred dollars you know To finish off this C wave and then we Need to pay attention when we then come Down but until then we're just following This again we still have this inverse Head and Shoulders on the chart that Would take us to actually fifteen Hundred dollars normally not paying much Attention to these patterns but it is Quite an obvious one and it is pretty Much in line Um it's a possible bullish reversal Pattern that is pretty much in line with The um Elliott wave count here and that Just shows how those more traditional Patterns they can be very much aligned With The elite wave count and the overall Count still suggests here wave one done A wave two done we're now in the way Three there will be a four and a five And we're now in this third wave my view Remains that we've completed a wave one Here when we peaked at 1308 here a few Days ago a week ago we then came down in Wave two yesterday we hit my support Area we did reverse quite impressively And we could really be in this third Wave now off the third wave again this Would be a fourth and fifth to follow if
We now zoom in We now zoom in We can see that at the moment plays out As the wave count would suggest yeah we Talked about yesterday there was signals Here that the low is in in this wave too Those signals were most of them were Fulfilled We then Um in my first video today I talked About this being a possible triangle to Break out to the upside to reach Possibly the trend line which we did so We made that fifth wave I must say I must say it is a very short Wave five it is a very short wave five It is it is a good time it basically Reached Target if I take the length of The wave one I compare that to the Length of the wave five you know we get The one to one ratio that's fine ideally I would have liked it to go a bit higher So that we can rule out other options Because I mean this could just be an ABC Yeah but again then and it could be Still away four let's say like that it Could still be away four and we get one More rally up in wave five but the thing Is we've now pulled back to the just to The last support level that the Wave 4 Would allow so I can't fully rule out That this might still be a wave four and We had an ABC pattern But I think it's getting less likely now
That we've also hit the support of the Wave 2. yes it's quite a deep pullback So I'm I prefer this wavecon that this Is a wave one complete we're coming down In wave two Um but just one of my long orders just Triggered here Um In the support area I'm scaling in these Support areas Um It's a bit difficult to get a clear view Of what this is here I've labeled it as An ABC now Um it's a bit hard to say really what it Is but if we look at the FIP Um Retracement we've now reached a 50 Retracement that's sort of the the first Level for a wave two That's relevant I mean yes the 38.2 FIB Level as well but it's not that that Often that we react to it bullish so Yeah the 50 that's why I've defined the Support area Uh here and we did get into it which is Great so the target was reached first Target at least at the moment I would Expect it to go a bit lower maybe to 1250 or 12 37 and Um I'm scaling in this area to build my Core position again and we'll then wait For the Wave 3 rally and we'll take Profits along the way
If we don't get the rally now if we drop Below the 78.6 FIP level then probably Something more bearish is going on Which wouldn't be great yeah so ideally We're holding this support level if we Break below this support that would be Rather a bearish sign and then Especially if we drop below 1221 that Would invalidate this one two setup and We are set up for something much more Bearish Um but until then as long as we're Holding the yellow support we look at Higher yeah and that's my plan as well To trade this long and then probably Take some profits along the way again Um Just sort of here in the in the sort of Maybe 1400s 1500s yeah before I would Expect an extra retracement or pullback And that's my update about ethereum Again it's a bit hard to really say what Kind of Subway structure is really Emerging here Um yeah it could very well be an a wave Here this could very well be a three-way Structure in a V wave and then we could Come down now in the C wave which Ideally would go a little bit lower so If I really assume this might be a this Might have been B then the first ideal Target not looking at retracements but Looking at the Fibonacci extensions Would be 1246 so keep an eye on that
Level that is pretty close to the 1250 Level which is the 61.8 percent Retracement and as I said I think we go Lower Um because we've really only attached This support area and we have um not Balanced of it so at the moment I think We can start to rule out that this is Still a way for if we go a little bit Lower yeah we're breaking the 50 Retracement which is sort of four way Four still acceptable but um if we go Below that it's most likely here the Wave 2 as suggested anyway in the Primary wave count yeah and that's my Update about ethereum I hope you liked 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