Foreign [Music] Video about ethereum well not too much Happened since the last update just a Little bit of you know volatility but Price didn't really drop much and we're Still hovering below resistance waiting Here probably for the volatility around CPI against the markets just waiting now We're getting squeezed into an apex here Like Bitcoin so it's going to get Interesting here we still have on the Chart the larger inverse head and Shoulders just to mention that Target Would take us to around fifteen hundred Dollars we're just hovering below Resistance you can see the resistance Area and how relevant it has been for The last few well I'd say weeks yeah and Eventually we need to break above 1308 To get a break out done successfully Here Um we have the idea That like Bitcoin ethereum is in this ABC structure so it suggests that there Should be short-term upside however we Obviously need to break above 1308 to Make that work and need to hold critical Support areas if we drop below these Support areas it will increase the Likelihood that this movement to the Upside in five waves isn't going to Happen at this impulse even if it's just An impulsive wave structure in a
Correction that this is not going to Work out if we break through resistance We could take to 1500 maybe even sixteen Hundred dollars Um But at the moment we are Um just looking here to to see if we can Break through this resistance because Things are looking interesting but we Need to get that momentum going yeah we Need to push through resistance we've Got a very obvious resistance line here Which to be honest you know the more Often such a resistance is tested the More likely it usually is to break Because it gets a very obvious Resistance a lot of people opening Shorts there but when too many people Are doing that then um oftentimes those Resistances are breaking same thing with Support levels and trend lines yeah when It's too obvious it's obviously wrong So those resistances where we have here Four five six touch points already they Get very obvious now again it is Resistance as long as it's resistant so Nobody's got the crystal ball if we are Going to break above it but we can only Trade what's in front of us we can Identify critical support areas we can Identify pivot Points and inflection Points and Trend reversal points and so On that's what we're doing And in this short term upside here that
We have this short-term upset potential The idea is we created a one two setup The highest degree here then we are now In this third wave to the upside there Will be somewhere up there then there Should be a fourth and a fifth we are Now in this yellow wave three that's Where we have to zoom in into so if we Do that we can see it's very similar to Bitcoin actually if you watch that video Um the idea is we created a wave one Here the only difference with Bitcoin I Think the wave one was here so we Already have a wxy correction here which Is quite complex in this wave too Um based on that we are now in a way Three in white And in this way three we have also seen Five waves up here so it's the wave one Of the wave three because all of these Wave threes have five waves five sub Waves Um and then here a wave two down yeah One two and we're basically now the idea Is inner wave three and within the wave Three we've got again five sub waves so You can see how How those sub waves are Structured however it would really Really be good to now deliver because The longer this takes the more difficult It gets and to be honest we're really Getting squeezed here into an apex Between this ascending trend line and
Um the descending trend line up there so I have to move just that trend line a Bit Good enough touch points so but yeah I Don't really like trend lines too much Because they are sometimes subjective But we sort of adhere to it and we Certainly adhere to the resistance line Here and there's two there so this one The larger one and here a small Channel You could call that a bull flag possibly But it's getting a bit too long now Um So it all comes down to we need to break Above this particular resistance line Here and then take us above 1308 that's The target for the Bulls so if we assume We are now in this yellow wave three Let's look at the subwaves here we don't Have a very very clear five wave Structure Um But that is the bullish interpretation Yeah so I have to assume this was a one So there's two ways of looking at this Here we've got a one two Um A one two and another one two set up Here now one second One two And then within this wave three we've Got another One two setup due to the strong Decline And so on we push higher
Um there would be the even more bullish Interpretation but then it starts to get Unrealistic because we have too many one Two setups the other interpretation Would be that maybe we pushed higher Here head away three did our way for Did our wave five yeah Um but it was a so-called well you could Call it double top truncated wave five Where we just couldn't push higher Um and again that that costs these Charts reliability however It will indicate that we made here an ABC pattern that's a very clear three Wave structure at the moment as long as We're holding here this slow at 12 56 we Could see this as wave one this as a Wave 2 and we could move up in the next Stage now the sub wave counting is a bit Tricky here because of these two Possibilities Um At the moment this should be finished if It's not I think this is probably not Gonna hold Um but certainly Could see this as an ABC pattern here at The moment and then we would need to Move from here otherwise it's probably Not going to work so it's all about Still that support area that needs to Hold here yeah we touched it again by The way this is the support area that Needs to hold below 12 36 it's probably
Not going to work out and we need to Break above this swing High first this Would probably be the first indication That the move down here is finished and We might then be in a way three of three Target here for this Wave 3 was around 1370. And um yeah we need to break Above This Resistance line you know Um while holding the 12 36 level as I Mentioned also in the Bitcoin video and The last ethereum video If That level Doesn't hold there's a fallback scenario Where we could say that this Wave 2 Which supposedly finished on the 7th of December was never finished so we can Give it another chance to write it from Here so that basically all these one two Setups that happened up here one two and One two they get invalidated if we drop What they will most likely get Invalidated if we drop below 1236 they Will be invalidated if we drop below 1221 and then we have this fallback Scenario and could say that this entire Move of the high of the 30th of November Is a very very complex corrective Pattern which may find support again in The green box we thought it's finished Already here maybe it wasn't maybe it Will be finished again in the late in The larger green area at the later stage Um but then if we really fall into the Or go below 1186 this is also not going
To work out and we will probably break Down from here and this whole You know short-term bullish idea is Probably not going to work out so it Will be interesting a heavier stop loss Is set if you you know if you're trading This I can only recommend that Um but um there will be a lot of Volatility today so do expect that a lot Of stop losses will be kicked out and Then maybe the market just rushes into The other direction it's typically not The best days for trading these ones Yeah because they're sort of market Makers you know playing around and both Trading and so on Um algorithms so be careful But eventually you should be aware now Of those key levels and the Probabilities likelihoods in my opinion I'm still looking for the upside as long As the yellow support box holds and then The full back scenario would be the Green support box but if that loses as Well then we're probably gonna come down And maybe even retest the one thousand Dollar level okay and that's my update About ethereum I hope you'll 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 [Music]
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