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 and welcome to another update video about ethereum so we’re still looking at the existing and unchanged wave pattern the price is actually overnight basically formed that one more high that I wanted to see talked about it in the last video yesterday late yesterday um in which we um well which we looked at the micro count the micro pattern and structure from the Wednesday the 1st of May low so we have seen this rally as a possible diagonal pattern um five waves up are visible now on the chart which is great to see and it also reached that 1.618 extension level that I shared with you at $3,220 and yeah that’s prec precisely um one of the key levels on the micro like the first level I wanted to see for that fifth wave doesn’t mean the fifth wave needs to be completed but it tells us okay we have five waves up now surely the fifth wave could extend but um the minimum for that fifth wave is done next resistances if we form another high above today’s would be 3,256 and 3,300 that would also be a that would be a key resistance area CU we have these pre previous highs to fight with the idea is that we could still be caught in this ongoing correction which started middle of March we have a wxy structure to the downside the Y wave could get one more low it’s not guaranteed there’s a little bit of uncertainty due to these swing lows and not a very clean bottoming structure I know on some exchanges we have a lower low so situation is rather unclear regardless it takes a one two setup to the upside to confirm we’ve bottomed so it doesn’t really matter if we’ if we if got a lower low on some charts or not sometimes people ask me um if my you know scenario or assumptions would change if I looked at a different chart like where we already had a lower low okay well it might give us a bit of a cleaner downward structure however it regardless still needs a onew setup to the upside to confirm it might change the level of confidence a little bit but there is no confidence because we have a bit of a wild west situation in crypto and like look if it’s on on one chart like is on the other chart like that you can’t really trust it it’s not reliable so we have to wait for that first one two setup highlighted here in yellow to confirm that we’ve bottomed on Wednesday or maybe even here on the 13th of April but I would probably call it a truncation and call the low in place here okay um but I need that five up three down movement so let’s go to the 1 hour chart here you can see this five wave pattern that I showed you in the last video as a diagonal pattern that fifth wave could be an ABC structure but it could also turn into a larger ABC so ABC therefore it takes a break below the Sunday low here at 3,75 pretty much to confirm that we’ve topped and then I’d be watching for the price to get into this support region which I have adjusted earlier today already communicated the updated levels on Discord and here um we’re looking at support between 360 possibly and 2,900 which means 2,900 is the Line in the Sand distinguishing between bullish and bearish momentum in the short-term bullish count we would get a pullback at some point into this support area okay if we extend further I have to adjust it I would do that later today then this support area until we have really a you know until it takes out a previous swing low it hasn’t even taken out the 3,127 level so until we take out previous swing low we have no indication a pullback has started but it’s likely from here okay but I have to say that the 1.618 extension which was reached there at 3,220 really is only the minimum I want to see for a fifth wave so it could easily stretch higher before starting that pullback and if the pullback is corrective and if we’re holding support then I would assume that we’ve bottomed and that would require the price to stabilize in the orange micro support area now what if we break below 2 900 what if we break below that micro support area well then I would assume that we’ve topped here in the B wve and that we’re coming down for one more low in wave C possibly targeting 2,600 or so but it takes a break below 2,900 to confirm that for me I mean the trend is still down overall okay and it takes that higher low to confirm that we’ve bottomed all right so it’s it’s building probabilities as we go and the parameters are there to guide us it’s not to Crystal Bowl but it gives us a really good framework to basically trade with and also to um to analyze the price chart you know and stay objective because the Fibonacci levels they give us that objective framework and we can watch um the most important one is the 2,900 level but as I said that will change if the price pushes a little bit higher we would have to adjust that support level that’s my update about ether hope you like the update if you did please hit a 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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