Ethereum ETH Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!
Read MoreForeign to another update video about ethereum um the next the next update I'll do today is probably around the weekly candle close so there should should be some movements then as you know normally when we do the member only live stream on Sunday typically one or two hours.
Later or sometimes even during the live stream we get um additional volatility that also has to do with you know uh getting into the new trading week and everything so it was 2 degree expected to see just sideways movement on the weekend I remember I talked about it on Friday or Saturday morning then you know we are here most likely.
Just in a wave four which for some reason often happens on a week and in this case here this White Wave four ethereum reached the yellow box um it could very well start to drop now however we haven't got any evidence for it yet Bitcoin for example hasn't reached its yellow box so it's it's sort of a resistance area for the wave 4.
Um therefore I would expect ideally I mean um Bitcoin still to reach it ethereum could have could have it but um it's not entirely clear because an initial signal that we are already in wave 5 here would be if we drop below the 1175 level yeah or 1170 which is this Wing low this swing low because all of this could be.
And this is really the short-term view here all of this could be just an ABC yes the c-wave is a bit short um and also we haven't really reached the 38.2 percent FIB level yet which is at around one thousand two hundred dollars however we've got three ways up complete you know this could be it it could also be and I just explained.
That in the Bitcoin video that we go a little bit higher and that this is just an extended a b c because as long as we don't break below 1170 still quite likely to still push higher we're basically in a Range yeah so we just need to see I mean it broke here today quite impulsively that candle at least below this yellow trend line.
Um but we haven't broken support yet um so we just need we need the market to tell us now and these are the key breakout levels so either we go below 1170 if we do that I think we have a really good chance it would drop lower in the first instance to 11.50 that would be key support and then possibly.
11.25. any drop below the red support area would surprise me yeah not that it's not gonna happen but it would surprise me if that happened straight away then we would be really really weak on you know here and would drop it straight away below a key support area that would indeed surprise me I do expect either way.
Irrespective of is the green pattern working out here and we will see one more high before coming down is the red pattern working out would also suggest one more high before coming down or is something more bearish um happening you know do we come down in five waves here do we just see an ABC to the upside get against.
Resistance and break down then these are basically the three possibilities with the last one here with the ABC to the offset being probably the most bearish one but going through straight away would surprise me yeah I would I would expect some sort of reaction um to the upside from this support area.
So um yeah we'll see um but going down straight away would be would be quite bearish and I think we're gonna then we're then gonna retest the one thousand dollar level at least with a high likelihood with first support being here around the 1075 area yeah you could you could argue we might do a triple bottom down here however as you.
Know double bottoms triple bottoms they often don't work out yeah as as general Trend reversal areas I mean here we had one but it's not really been a general Trend reversal you know we are still basically in on the daily in a downtrend so we haven't flipped the daily Trend to to a to an uptrend yet um.
That would only happen sort of above fourteen hundred dollars here fourteen fifty but yeah you know this is where we are at the moment uh I did explain the larger structure in the previous videos so I just wanted to update you on the short term I have to finish now because we are going to get into the member live.
Stream at five o'clock so um yeah 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 also check out the channel membership thanks a lot for watching bye thank you.