Foreign Hello and welcome to another update Video about ethereum so ethereum has Sort of found a local law here when I Made my last video but the move up since The low which was created here at Um where were we 12 40 the move up is Not convincing at all I mean what we did In this possible one two setup that we Have here wave one to the upside in five Waves and then wave two to the downside In three ways Even though that could obviously be Finished we should really wait for a Five wave move to the upside to confirm That at the moment I don't see a five Wave move to the upside I have to be Very honest with you Um it doesn't look like it looks like Rather a three wave movement maybe we've Got here Um Some kind of uh maybe we had here a Small one too this was a three this Might be a four and then we come down Once more and away five off C of Y of Two Um before we find a low here and move up Um but yeah you know you know this is Just speculation so at the moment this Move up looks like three waves and the Move down looks quite impulsive so I'm Not really convinced that we are going Up from here what happened though is we
Broke back into this channel so you can See that descending channel two parallel Lines uh when connecting the wave five Here and the B wave that's sort of how You draw these channels in Elite wave Corrective price Channel we had to throw Under here so we came below the channel This is sometimes a signal that this Correction is finished especially if you Then break back into the channel and Yeah we broke back in we are retesting The channel from inside so hopefully Flipping resistance for support and if We now can move up and break above the 1257 level I think that would be a first Signal that the low is really in here Would be weak signal first of all we Also need to get it back above the B Wave high at 1283 and that would be a Signal that can make us quite confident That the low has been put in here Um but yeah that is really everything we Can we can talk about here at the moment I mean unfortunately we are still below This decent this ascending trend line Yeah you've got that on the Bitcoin Chart as well We've got enough touch points we had a Touch point on here have several touch Points here and here we lost the trend Line so it looks a little bit like that We retested it from below as well so Again you know we're hovering above one Trend line we are below another one and
All we really need to wait for is a five Wave structure to the upside ideally a Break above 1250 Now 12 57 12 58 and then above the B Wave high as well it's 12.84 then we Have a chance to get above 1308 and this Could take us then to around 14 to 1500. Um this is still the short-term upside Potential we have here on the chart Where oops didn't want to move that uh Box where can I take that trend line out Don't need it Um where we expect that this year was a Wave one off the low we came down in a Wave two we're now in this wave three to The upside and then there should be a Four and a five and within this way Three the current assumption is that This was a one and we are now I know Where one And that we have completed a wave 2 here And this is the next one two setup of The next Wave 3 which should send us Higher but obviously the Bulls need to Create a five wave structure to the Upside three waves down we need to break Those resistance levels that I mentioned And Um As long as we're holding the yellow Support area we can go with the current Wave count but as I explained to you That this smaller five wave structure to The upside and the three wave move down
So the impulsive wave structure to the Upside will get very unlikely to still Work out if we drop below the 12 36 12 37 level here the 78.6 FIB level if we Really lose this support area the yellow One then we're going into the next Higher level wave count and I have to Assume that this White Wave 2 was never Finished it's a similar situation on the Bitcoin chart it doesn't necessarily Create a bearish setup it just means That we have to reset this wave too and Because we didn't make any substantial Higher highs since this low we can then Still assume that this correction is Still ongoing it would be a very long Correction longer than ideal and we also Have unfortunately then a five wave Structure to the downside but we can Still consider this what we currently Count as a w x y pattern we can consider This as w x y x z pattern which is an Extended correction it is very rare Very rare Um and however we could still consider That a correction as long as we're Holding above 1185. But below 1185 I think we could really Come down to one thousand dollars and Maybe even below this is a very critical Support level the 1185 level The problem with that Um wxyx Z structure it can be counted as A correction but it could also easily be
A leading diagonal to the downside which Is a five-way structure to the downside And that is why I don't like these wxyxz Patterns they are very unreliable and Very very rare as well because they can Equally well be counted as a one two Three four five leading diagonal to the Downside which would eventually lead to A sell-off down so it's it's a pattern We ideally avoid so ideally we turn Around now in this yellow support area And push higher if we don't then we Probably have to go with this but then We also have suddenly a bearish Interpretation which considers this a Five wave move to the downside which Could then retrace to the upside before Really breaking down so let's see Um I think we see a lot of uncertainty in The market also because of possibly CVI Data coming up tomorrow and at the Moment we have a situation where we Really have a fight between the Bulls And the Bears we really have that is Indicated by this very well there is Quite a bit of volatility going on here In this kind of range here Um we had here the situation when we Came down that the Bears could have Easily taken control to push it below The green support area however the Bears Failed miserably we had a very strong Increase back to around 1290 so the
Bulls were back in control Then we came down here in an ABC we hit The yellow support area Um from here the Bulls had the chance to Push higher they failed after three Waves they tried again only three waves And now we come down very impulsively And the Bears could get into control When they pushed the price far enough Down at the moment it's still an ongoing Fight you need to understand the key Pivot Points the decision points the Invalidation points which I made you Aware of and um Ideally here we push up from here the Longer this movement takes this Correction the less likely will be a Bullish outcome at least short-term Bullish because you know you're losing The momentum after a while you lose the Momentum that becomes visible if we take A look Let me just So here this becomes visible if we take A look at the macd which is the momentum Oscillator we currently lose bullish Momentum here on the daily macd yeah Um if this results in a bearish I mean We had nearly achieved across above the Zero line here and that is actually a Bullish signal you can see how neutral The RSI is as well so there is a lot of Uncertainty and the longer this stuff Takes
The more difficult it gets for momentum To be kept uh to the upside in bullish Because at the moment since the top here We are losing bullish momentum and at Some point this may result in a price Drop the two-day chart is now also Starting to reduce bullish momentum it's Not in the red yet Um the four four day chart is still Pushing higher but it obviously starts On the one day two day and will then Move into the four day chart and if on The four if on the one day chart we now See a bearish crossover that might Really push the market down and give it Additional momentum to the downside If we zoom out here a little bit I mean You could still consider that some kind Of a bullish flag here not a very Beautiful one Um but um yeah I mean the support areas I gave you they are relevant it all Comes down to do we hold these now or Not my interpretation is as long as We're holding the yellow support area we Can focus immediately on higher Um if we lose the yellow support area We're going to fall back into the green Area which is very close to the yellow One but then below 1185 we'll probably Get a gonna get the the Bears in full Control here Okay and that's my update about ethereum I hope you like the update if you did
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