Foreign Welcome to another update video about Ethereum not too much to update I'm Going to focus only on the shorter time Frame here in this video just the Continuation basically from the previous Video today we can see that in ethereum We are still in this sort of one two Setup here which might set us up for a Higher wave three maybe later today bear In mind Um usually when we make at 5 PM UTC we Make the um which is basically in 15 Minutes or so we usually do the um Member live stream and usually in around That time because of the weekly calendar Close on Sunday we see quite impulsive Movement or afterwards here there is Usually some volatile volatility Um involved with a weekly candle close So this is something we need to be aware Of we're currently getting and that Would match it quite well so we had a Bit of sideways movement on the weekend Not really any significant movement but We're getting squeezed into the Apex of A possible triangle so as suggested in The previous video we might be moving Sideways here for a bit which we did Here within this uh within the Constraints of this triangle but you can See that the price is pushing against The um ceiling here against the Resistance line of that triangle
Um and this is where it's going to get Interesting I mean to be fair I did Provide you with the idea that this Could be an ABC pattern here within a y Wave of two which would eventually Result in a spike to the upside however To really believe that first of all that Means a lower wave C and to really Believe that Um that we are moving higher maybe even Without putting a new low in I wanted to See a break above 1282 that is still the Breakout point which means should we Break out of the triangle to the upset And break Above This high at 1282 then That could be a really really good Indication that we're already moving Higher and then a break above the what Is it here the 1308 level the high from The 30th of November that would be the Next strong indication that things are Pushing to the upside and that we Actually in a valid breakout already Without making a new low that is Possible Because we already hit our support level Here on the 9th of December that was on Friday it is however for me not very Likely yet because I'm not really seeing Any impulsive price action currently to The upside it's a bit of a messy price Uh chat a chart here or a messy Situation at the moment where we really Need to just let the market decide what
Direction does it want to take right Important for us is to understand the Key Pivot Point the decision points and Of course the most important decision Point is up here at 1308 because pushing Above that level will most likely set us Up for a move into the 1400 1500 region Because we would with by doing that we Would move above this large resistance Area highlighted here in red we are back In the resistance area we are in Resistance we're not really pushing Through in my view is if we really get Above this level then We are going to see quite a bit of Impulsive movement right and you can Also see that we've got this descending Trend line here that has proven to be Relevant yeah I can even lower that down A bit One Touch point two touch Point Here a bit of a fake out and here Another touch point now maybe we will Test it again it would be around 1290 When we go higher so that's a bit of a Resistance level within this broader Resistance range generally my view is Still unchanged that as long as we're Holding above 12 38 we can expect a push Higher yeah so it would be quite a Bullish outlook for the next week as Long as we're holding the 12 38 level That is the 78.6 percent Fibonacci Retracement of this move to the upside Yeah this is currently possibly the
Retracement still waiting ideally for One leg down but again as we already Reached this support area Be ready at any point for a move to the Upside ideally though I would like to See one more leg down it would be a Stronger retracement it would be more Just more suitable and because of the Lack of impulsive price action here to The upside I would just like to see an Impulsive move down in a c wave of Y of Two before we can then focus on higher So it will be quite interesting Um I mean how we If if we really go down here and then Move up or move up straight away This is just sort of you know the daily Volatility I wouldn't need to say as I Wouldn't Focus too much on that but the Point is here this was an entry point Here this whole area is basically a Possible entry area this was one as well Would have worked out and this was one As well Um and this was one as well which worked Out briefly but this was more support Area here at the time we talked about This is the support area for the wave Four we would expect to weigh five all The way up to the resistance area which Is where what we touched and then we Came down now in this retracement but The current move here I would not see That as bearish it's more just a
Retracement in um you know in an Evolving uptrend really yeah Um a short-term uptrend at least which Could take us as I said into the fifteen Hundred dollar region and then we've got The next decision point up there so yeah Very very interesting um let's see maybe We can add a trend line here as well Yes we can we've got something similar On the Bitcoin chart let me take this Out Um but we haven't touched it so we Basically only have one here maybe two Or three or four touch points here and Here's nothing so maybe really it would Be ideal it would really be ideal to Come down touch the trend line and then Go up from there however what I also Need to tell you if we really drop Below the 12 38 level then we have one More chance to find support here in this Region around 1185 but if we drop below 1185 this impulsive potential it's Probably not going to work out yeah then I would say below 1185 the Bears are Back in control and then we can come Down retest 1100 and then possibly even One thousand dollars So Below first of All below 12 38 impulsive price action To the upset will get less likely and Then if we then also drop below 11.85 it Would become even less likely so we just Need to be a bit more patient guys Um we've got this triangle pattern here
Highly interested in seeing how this is Going to work out trench for me is still Up short term yeah and it's a very very Tough Market to analyze at the moment I Can tell you that as well so I'll keep You updated hopefully 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 each Channel membership Thanks a lot for watching bye Thank you