Foreign Welcome to another update video about Ethereum well it's a weekend and in Typical Saturday fashion the market is Frozen yeah just moving sideways would Be nice to see a little bit of movement On Saturday but typically we don't Really so we are basically focused here On Sideways movement on a Saturday that Happens more often than not and then Usually and as also it happened last Um last Sunday I believe it was yeah Where we saw a little bit of movement Where were we yeah it was here where Throughout the entire weekend we've been Moving sort of just sort of in a tighter Range here yeah throughout the Sunday And then towards the weekly candle close We saw a nice jump and then strong Decline on Monday Tuesday at least Volatility and here again it's Saturday Now it's weekend we see sideways Movement but overall Um ethereum continues to be in this Let at least short-term bullish pattern Here where we're moving up in five waves Here Um I cannot rule out that uh well at the Moment the primary expectation is Actually and that is pretty much in line With Bitcoin that we will come down once More lower after we finish this five Wave move up Um that is currently the expectation
However we won't really know until we Get this drop until we get this pullback And if we will hold critical support Areas which I will be able to Define Once we've hit the high here then if we Hold it then we can confirm with a high Likelihood that a more substantial Bottom has been made on the ethereum Chart Um because this is also how it normally You know remember the the last uh end of The last bear Market it also you know Started like this five up three down Five up three down and it doesn't Necessarily jump straight away you know With with a whatever 2x a 4X or whatever Um those impulsive moves that we have Been spoiled over the last Um year or two no you know it's it Starts slowly but it starts with five Waves up and three waves down and then We had here another five up three down And then the on the small scale here now Another five up and three down so it's Getting interesting certainly but at the Moment in my opinion this is just Embedded in a larger ABC structure away Four which would afterwards results in a Wave five But it doesn't need to it all depends on The next retracement pullback however You want to call it this will be the Moment of truth Don't forget as well next week we've got
CPI data Um release and we've got the interest Rate decision the last interest rate Decision by the fed this year that will Be certainly interesting I'm looking Forward to next week because it will Probably be a bit of an explosive week I'm really looking at upside here Yeah and following off the trend here But obviously condition is that we're Holding critical support areas which I'm Going to talk about now so now that We've established that we are generally In an uptrend even if it's only a Short-term uptrend Um you can see that we are still below This resistance area here yeah this is a Critical resistance area we're currently Below that Um and we need to break above it yeah It's as simple as that we need to break The resistance area which I have put Here between Um 1270 basically and 1290 that is at Least the area where we got rejected a Lot of times I could even extend it a Little bit higher I mean eventually we Need to break above 1308 to continue the Move to the upside bear in mind we've Got this inverse Head and Shoulders Still on the chart the target of that Would be fifteen hundred dollars that is Pretty much in line with my Elliott wave Target as well the extension of the um
Of the wave three here yeah the target If I just take the target of this we've Got a one two one two here if I just Take the target of the White Wave three Um it would take us already to around 1463. yeah so there's a lot um There's a lot to come there if it works Out and if we really break here to the Upside so let's go and take a look at The detail We've obviously come down here over last Weekend and early in the week down in This Wave 2 in the support area this is Always the area where you need to be Ready that we can reverse we did reverse We moved up in five ways which is Important as well and we're now coming Down in three ways probably ABC the move Down we we can see we can count three Waves yeah in my opinion here ABC but Does it mean we have to be finished here Not necessarily Um We could be ethereum yeah more likely Than Bitcoin in my opinion because we've Hit the support area however if Bitcoin Makes another low ethereum we'll Probably do that as well we don't need To be finished Um there is no evidence yet yeah I would I would um well at least think that we Have a good indication that this move Down is finished into this yellow Support area this possible C wave of
Wave 2 once we break above the B wave High and that is here at Um let's call it 1278. yeah that is the First strong indication that this move Down has finished Um Don't have a very clear picture here of The subwave count it's a bit messy We came down here very strongly in what I would believe is an a wave we moved up In a b wave and then yeah surely you Could you could get away with counting This as a five wave move here in wave C But the problem is the move up here Isn't really impulsive yet So This could be certainly some kind of a Leading diagonal in a Wave 3 then Already but if it is a Wave 3 it should Really start moving now yeah and if we Lose the low from today actually Um which is at 1260 I think we will come Down deeper probably into the region Around 1250 first yeah but we can max Out this support area down to 12 38 and If we drop below 1238 Then this upset potential is probably Gone Um the concern I have here is that this Move up is again is not really impulsive Yet so I don't really want to count it As an Impulse I don't really want to Count it yet as the beginning of the way Three but be ready I think a very very
First indication even if we even before We get it to that wave B High here if we Break above the 1268 high that would be A very first indication that things Might be pushing into the upside because If I count this as a leading diagonal we Could say okay we had a wave one here a Wave two here and we're now moving up in Three four five and then the first sign Really that we are in wave three here is A break above the wave one high just of This smaller fractal yeah so keep an eye On that I mean we're currently pushing Higher here a little bit this is the 15 Minute chart don't forget that Um but yeah that would be a first Indication for everybody who's who likes To scalp or you know whatever Um I opened my first long position here Yesterday around 12 59 so but that was The plan is to scale in so if we go Lower I'm going to scale in more in this Support area Um And then yeah if we go up straight away I'm going to look for the next entry for The other positions that's how we do That but um I'm skeptical that this is finished I'm Skeptical that this is finished this Um because equally you know we talked About yes ABC down possible but it could Also be just for everybody just to for a
Bit of Education it could be that this All of this is just a b wave Uh sorry just all of this was just an a Wave yeah because an a-wave can consist Of three waves ABC maybe we are doing The B wave now and the C wave will be Lower I don't believe that necessarily but It's a possibility so we can certainly Stretch out to 1238 down there no Problem but my my core would be that This was the a wave this the B wave but Now coming down maybe we hit here one Two three this is a wave four and we Should then come down once more that Would actually but my view would be at The moment that we will make one more Low here Um But It wouldn't be the first time that Um Crypto moves up before making that Additional law that would be ideal Sometimes they don't get that additional Low and um If I really label them with this we Could say wave one two here three maybe This is a four wave this was a four and We're now moving down in five Um even though I would say probably wave Four is still ongoing because I'm Lacking the impulsive price action to The downside then we you know we could
Measure the FIP retracements just to get A rough idea and yeah you see we've Basically already pushed above what a Wave 4 should do we push to the 61.8 Retracement so I'm skeptical about that It's it's it's it's a difficult range Here I think it all comes down to if we Break above 1268 yeah we we could Possibly see this move down as complete First indication then a better Indication would be a break above the B Wave high Um or to the downside if we lose the Intraday low at 1260 we'll probably come Down lower back into the yellow support Area that is currently what I would Prefer get one more lower low at least Here And if we look at Targets Just need to adjust that If we Um We don't know why it's actually I think It's got distorted a little bit didn't It Don't know why maybe I'm making a Mistake here but I think that's fine Um the key support area is here yeah and Then the next if we drop below the 1260 Level I mentioned it's likely that we're Going to come down to 12 48. the 61.8 FIB level 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 Thank you