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Ethereum ETH Price News Today – Technical Analysis Update and Price Now! In this video I talk about a technical analysis of the Ethereum Price and I talk about some important price moves that are happening right now! Ethereum Price Prediction! I also talk about Elliott Waves!
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Hello and welcome to another update video about ethereum the ethereum chart is also like Bitcoin moving in a Range maybe even a little bit more bullish um but here ethereum has completed basically all the minimum requirements for this five wve pattern to to be up to
The upside so that is good because that is quite bullish which means that overall the probabilities have increased that ether indeed formed a lasting low on the 23rd of January this swing low there we’ve always said we are watching for a five wve pattern to to the upside
To emerge and this has happened now because we needed those five waves in order to get more confidence that indeed we are in the third wave rally okay and that this overall bullish wave count that I also show you on the daily time frame from time to time I can just open
It quickly that this one is actually correct okay so this has not changed at all it’s rather been confirmed through the latest price action yeah so we have now on the chart a one two one two1 two12 setup and um however we haven’t got that wave two yet and I mentioned to
You before it could be at some point they might just go you know we might not get any deep put pull backs we might be watching for pullbacks yeah and they can be seen as opportunities but I’m not telling you a pullback will occur not in this um stage
Of the market it is likely but it’s now also likely that pullbacks remain extremely shallow as you can see here it’s quite an impressive rally that ether has um has undertaken there from the 23rd of January low so bear in mind I mean this is like from this swing low
To the top I mean like 40% 30 38% increase okay um in a few weeks so it’s pretty good and it could just continue I mean I have labeled here this sort of five wave pattern in circle wave three but if we don’t see a wave two pullback
At some point I will assume that it might do the same thing that maybe Solana did you know end of 2023 just go more directly because I have to tell you we are already above the 61.8 extension level now why is that important well that is important because
If we don’t see another wave 1 form below that level it increases the probabilities that we’re going up more directly it’s not yet confirmed but the $3,100 level which is the 78.6 extension I mean if we go above that level yeah I will probably assume we’re not going to
Get a pullback anymore yeah because then this move up is too long too long for another one two setup all right it could still turn into an ABC and there are many other options that could unfold but um this is something I’m definitely watching okay
So I think it’s best to approach it with a mindset okay it’s bullish if the market offers pullbacks they can be seen as opportunities The Ether price hasn’t broken to a new high yet 330 is the most imminent resistance and it takes a convincing break below 2,877 which is the Tuesday low to
Suggest that wave has topped it’s the first indication and then ideally a break below the um lower boundary line of the trend channel would confirm that further and then we have a good chance to find support in this region here between 2,328 and 2,667 so between the 78.6 retracement
And the 38.2 retracement but if we look at the micro structure um this is just choppy okay just choppy we haven’t even made a new high so it’s it’s POS it’s just technically possible for example that the a wve has begun and this is just an A C structure in wave a
Okay there just too many options I mean it could even be that um this fifth wave is extending how would that how would that wave count look like well I would then argue that and um yeah I I would then argue that this was our one2 okay um but
Then this circle wave three possibly top there this here was a wave four but that would be very shallow again and the wave five would give us another extension and then in terms of micro count of the third wave we did get an extension there 1 2 3 4
5 um this is to be honest a bit of a mess what’s happening here but you know you can you know you can find a way to count that but um again the micro is not so relevant I think what it tells us is I can make a reasonable case for five
Wve move up that is bullish and that means that if pullbacks occur now they can be seen as opportunities support area is defined next upside targets are defined and we talked about the larger structure so hopefully that helps 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 also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for watching bye-bye f
2 Comments
Kaspa please
NEAR protocol pls