Foreign [Music] Welcome to another update video about Ethereum so we currently push higher Like Bitcoin which is good news so the Triangle I showed you in the previous Video which was a possibility doesn't Seem to work out at least not in this in This pattern which obviously was just an Idea and to be honest it's quite good if We push higher straight away but I'm Still not entirely convinced that we are Going to push higher straight away this Could still become an extended triangle For example yeah so be aware of that Especially as long as we stay below the Low or below the 13 45 high so triangle Is still an option in a wave four yeah Just an extended one with a B high C Down d i and e down which would Eventually still go up so that's a Possibility Um then obviously we have this scenario Of a direct breakout I'm still a little Bit concerned about that I'm not Concerned about the breakout but Concerned about this strong sell-off Here yesterday now we didn't do anything That a wave 4 would not normally do and We reached a 38.2 flip level with trade Or recovered from there yeah as you Would normally expect it after a wave Four it normally comes down to the 38.2 Percent FIB level the only thing that
I'm thinking it came down quite strongly Um but hey it's recovering but it's not Entirely impulsive what we're doing here Not yet this is looking promising here This latest candle it just needs to push Higher break above 1345 and then we can Finish off this wave 5 here Um what was the target for the third Wave in yellow let's just remind Ourselves The target was the 1.618 extension so 1360 here is basically the minimum Expectation yeah maybe it will push a Bit higher because the Wave 3 here in White was pretty extended so it could Very well be that this fifth wave pushes A little bit higher maybe all the way up To 1385 I think it will depend to a Degree on what we get in terms of a Catalyst today from the FED interest Rate decision so important next Confirmation that we are indeed pushing Higher here in a fifth wave will be the Break of 1345 and we definitely need to Hold the 1300 level the 50 Fibonacci Retracement because if we break below That it will not be good for the higher Level count it would definitely Um yeah be a bit harmful for the higher Level count we would then if we break Below that level really relevant support Will be 12.57 before that it will be 12.76 Um and as long as we're holding 1276 I
Could still consider this a one two Setup and another one two setup where we May they have an ABC a wave B wave C Wave but if this is a c wave yeah the Market really needs to come down now if It pushes any higher than where we are Now it's most likely the direct breakout You know Because a b wave would normally not go That high it could do in a flat pattern But the Wave A does look very impulsive To me so it's probably a zigzag if it is A correction still and then it should Come down straight away basically maybe To 1290 or 1276 then I would consider it A 1-2 setup which could then still Rally From these support levels I just Indicated but it wouldn't be ideal Ideally we push higher straight away That would be the most bullish scenario At least short-term bullish because as You know my view is still that ethereum Will most likely come down once more Here maybe even make a lower low but the Test ultimately comes when this pattern Is full to the upside yeah this Impulsive pattern to the upside and my View is this is part of an ABC Correction within a wave 4 which would Then result in one more sell-off in a Wave 5 and a key test will happen at the 1000 US dollar level which will be a Real stress test here also for the Bullish scenario generally on the
Ethereum chart so yeah shorter some Upside at the moment a favored certainly Just need to be aware this could become A triangle it could come down in a c Wave as long as we're holding 1300 we Can go with this direct breakout count If we break below it then we have key Support at 1276 and 1257 if we lose that It needs a major change in the higher Level wave count unfortunately and the Direct breakout is probably not possible Anymore in that um yeah in the direct Fashion I'll certainly keep you updated About ethereum I will keep you updated About the FED interest rate decision and This is really what is relevant at the Moment yeah so hopefully you like the Update about ethereum 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