Foreign [Music] Video about ethereum so after my last Video we did indeed follow the Elliot Wave count Um I said in my last video that there is A good chance that this Wave 2 is over Here when we hit the support area and That we could not be in the third wave To the upside Market did follow that but It would still need to push higher to Give more evidence because at the moment We are still below resistant so we had a Resistance line here you can see in my Opinion we have not substantially broken Above that resistance line or that trend Line and those are rather subjective Depending on how you draw them so we Broke Above This descending channel that Was the first or another signal that we Are indeed in this third wave the Strength of the current green candles Shows us well that we are probably in a Way three yeah And however we are still hovering below Resistance So within ethereum we really Need to get above this 1308 level this High from the 30th of November and only That would allow us substantially to get Above this resistance area It's highlighted T in red that is the General higher degree resistance area I Mean I can even extend it all the way up To 1308 to be honest yeah but I think
Most of the trading activity activity Happened in this area and that's why There is quite a lot of resistance and That's also why we're just stuck here a Bit below 1290 yeah this is where I Originally already added this resistance Area we spiked a few times above it but I think the main resistance is in here If we get above 1290 then hopefully we Can also push to 1308 and if we then Break above that that would confirm that We are finally in the third waveform That we have made a low here Um again we had an entry area here long Entry here long entry here or at least Trend reversal areas here Um They all worked out the thing is now Does the higher degree assumption work Out as well in that we push through Resistance here I am quite um I'm Leaning towards a bullish outcome here Further to the upside possibly into the 1500 region in the end in this five wave Impulsive structure to the upside so Idea is wave one two three four five and That we are now in this yellow third Wave in which we have five Subways as Well one two three four five yeah and Then we are in this third wave here and In this one we've got five waves as well Is the concept of fractals one two three Four five and we are now in this yellow Wave three and in the yellow wave three
If we zoom in And that's exactly where we are Um Yeah and we we would have to assume Based on this and now we're pushing Higher okay see it's always nice when That happens in the video Um And suddenly volatility starts this was A one this is a two and this would be a Three hero four and a five and in this Third wave the target would be so the Small third wave We talk about the 1.618 extension what We would ideally want to reach and that Would be at 13 20. now this is what it Would need to reach to give us evidence That this is a third wave then there Should be a small wave for Decline and Another wave five push to the upside Into the region around 1360 I think yeah And that with this yellow wave three Then they know yellow wave four and Ideally the yellow wave 5 finishing off The White Wave three in the circle here Then the wave four and the wave five of Large wave three wave four wave five and That is how we are cascading higher and That would be ideally how it should work Out no surprise that ethereum has some Difficulties to push through here Because we've got all this resistance Here and we've got all this resistance And to be honest today it's no surprise
That we've got a bit of a volatile day It's CPI being released in one hour so When you watch the video maybe we Already had the CPI data released and That is you know expect even more Volatility starting from now until maybe One or two two hours after the CPI and Forecast the seven point What is it 7.3 percent I've got it open Here 7.3 percent is the forecast Anything 7.3 or lower would in my Opinion be bullish for crypto negative For the dxy Um anything above it yeah 7.4 7.5 would Be quite bearish for crypto um and Anything that's further away than 0.1 Percent from the forecast so it could be 7.1 percent 7.5 that would trigger a lot Of volatility so yeah expect an Interesting day Tomorrow we've got fomc Um fed interest rate decision that will Be interesting as well but I think today Is the more important day the more Relevant day because this is inflation And the FED will base their decision to Agree on that as well yeah okay and That's my update about ethereum so we Just follow the plan here unchanged need To see what CPI does and if any of those Waves and any of the wave counts get Invalidated or let's say distorted and Then we just have to adapt but um to Continue the uptrend here it is
Absolutely important that ethereum Pushes Above This resistance area yeah Either way so even if we go down short Term and then come up and doesn't matter We need to we need to stay above Um the yellow support box to maintain The imminent bullish potential so we Need to stay above 1236 and definitely Push Above This resistance here yeah so That's my update about ethereum 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 [Music] Thank you