Ethereum Support and Resistance Levels: Latest Elliott Wave Forecast for ETH and Microstructure

Ethereum Support and Resistance Levels: Latest Elliott Wave Forecast for ETH and Microstructure

[Music] hello hello and welcome to another update video about ethereum the ethereum chart has formed a possible not quite yet but it’s already a possible five wve move up from the 1st of May low um it’s not a clean five wave move I’d like to have one more High possibly cuz ideally it reaches the 1.618 extension at least at 3,220 looking at the micro structure which it just did and yeah but the five wve move up doesn’t really change anything it doesn’t really give us a clear confirmation that we’ve bottomed it’s like the first confirmation that a low is already in place like a a real low you know um however it will take the upcoming pullback which would be shown here as wave to um to confirm that we’ve really bottomed in the entire correction yeah there are two possibilities if we’ve bottomed then it could be a low that has indeed occurred here um then however the structure is going to be difficult so we would have to say Okay wxy then the low was in here but then yeah what’s this I mean this looks extremely messy with that deep pullback could say that maybe this is a one two setup but it was very deep for a wave two and then we’re dealing with a large diagonal then this would also be an ABC and you know it’s going to be messy or that we’ve actually seen a truncation here because I know that some charts show a lower low here and then we can build it from scratch but a truncation needs to be proven by an initial one two setup so however you want to twist and turn it it’s going to be the first deeper pullback in a wave two that will prove that we’ve that we’ve bottomed and then we can think about okay what exactly was that structure because that will be uh important for the targets going forward but yeah that doesn’t matter so much at the moment what we need to see now is okay where could we go next to the upside and I’ve given you an initial Target area it’s between 3,220 and 3,00 303 that’s an ideal Target for a smaller degree fifth wave within yellow wave 1 which is more bullish interpretation or wi wave C of B which is the more bearish one because if this indeed is just a b-wave rally then one more low could send us down to round about 2,500 in a seawave now up or down well it is a clear level that will distinguish between the two if we get five waves up at least we can keep the door open for the yellow count and it will then be the pull back into the support area that’s defined on the chart to confirm what you know if we’ve bottomed or not and the key level that will distinguish between bullish and bearish momentum is 2,892 it’s the 78.6 retracement level of this last rally now the problem that we have here is that this 78.6 retracement level um well that that box will need to move if the price pushes a bit higher we will have to move the box with the price a little bit higher okay so it’s um because it’s depending on the size of that rally see so it will slightly move probably not significantly and yeah that’s what I’m watching so if we push higher which apparently seems likely at the moment then this would be the area for the next high and then we can watch from there if we get a pullback and if the pullback is corrective then it’s going to probably turn around in the support region so there will be an area to watch which I’ve you know defined it but it will need to move with the price if there’s another push higher but a break below 2892 would indicate that we have not bottomed yet and then there will be another lad to round about 2,500 so um the next pullback will be very decisive and will probably tell us a lot about ether and how ether is going to move most likely in the coming weeks that’s my update about eth 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

Ethereum Support and Resistance Levels: Latest Elliott Wave Forecast for ETH and Microstructure

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