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 ethereum started the decline today where we actually wanted to see the decline to start from um we talked about that in the last video highlighted to you that we’ reached here five wve move to the upset which looks nice you know in terms of proportions it looks nice and it actually looks complete from a micro structural point of view however I have to say I did mention that in the last Bitcoin video as well because we didn’t even get close to the 100% extension level which is an ideal Target for this seawave to the upside yeah so again quick reminder a wave up B wave down C wve up um it would be ideal if this is the seawave in the white count to stretch a bit higher therefore I’ve added just as an alternative the potential that we could get one more extension in this five wve move and if that is wave one or if that is the c wve um this one doesn’t really matter I just wanted to make sure that it’s clear that we could get one more extension so basically just don’t want anybody to be surprised in case the next rally is is not a b-wave but we actually push a bit higher in that case I would consider that still as part of the first five wve move which started here on Wednesday um the 1st of May okay so this could be a five wve move complete to basically today’s high but because the fifth wave was a bit shallow bit anemic bit short um we might get one more high and then the wave four was just very deep which is possible in a diagonal pattern for example wave 1 wave two wave three a overshooting b-wave c-wave in wave four and then one more high in wave five possible you sometimes get these very very healthy and deep wave fours especially in diagonal patterns so again it’s not preferred especially given the sharp pullback which often resembles an a-wave is especially after a diagonal pattern is complete yeah 1 2 3 4 5 when diagonal patterns are completed typically we see a sharp pullback and that sharp pullback yeah could could basically um could have unfolded yeah and uh or it could have started and this could be the a-wave I mentioned earlier today in one of the updates I posted on Discord that ideally this a-wave yeah doesn’t break below 3,12 because it would be a bit too deep for that so this is now the area between 3060 and 312 where we’d actually like to see that b wve to start from and then a c-wave down to follow to complete wave two that’s obviously the bullish perspective um I give it the benefit of the doubt but it’s not a high probability until we really see the price stabilize in this support area after a three-wave decline and see a first small impulse to the upside because then we we can say okay we have a five-wave move up we have a three-wave pullback into support that’s a one two setup it can’t be um the white count in which we would see another low because we are holding support above 2,900 and in the white count we should see a five-wave decline in wave c not a three-wave decline essentially if you don’t understand Elliot wave that’s not a problem it is very straightforward just look at the levels the area between 2,900 and 3,60 that’s the key support area that’s really the area in which we need to see the price hold support to maintain a bullish Outlook and regardless of whether that’s the primary count or the alternative count it doesn’t matter that’s the Line in the Sand $2,900 below that level bearish momentum above that level yellow has a chance okay and the blue count is simply a very iation that tells us that we could get one more high in this move that started on the 1st of May and it’s simply just in case the next rally makes a new high so people are not surprised because it’s possible first of all b-waves could overshoot I don’t necessarily expect that in this case um but if we get one more High then it’s likely wave five okay and then I have to adjust this support area accordingly but I’m not doing that now because also that idea of possibly one more High is currently only the alternative scenario difficult structures at the moment essentially the market hasn’t gone anywhere um very unclear bottoming structure now it’s a bit of a mess at the moment there but please be aware that both scenarios short-term bearish and short-term bullish are still possible quick uh summary short-term bearish count wxy structure and in the Y wve we have an A B C and the B wve looks a bit strange that way okay um but it’s possible okay and then the b-wave is basically itself an A B C would be a running flat in that no it um would be not a running flat would just be a normal flat structure in that case Okay so that’s shortterm bearish and then we might reach like 2,500 2,600 but it takes a break below 2,900 to confirm that and in the shortterm bullish count the low already completed probably here with a truncation or so and then in this case this is a wave one to the upside which is either completed or gets one more high in any pullback we need to hold 2,900 and if we see a small impulse start from here after an ABC structure to the downside we can expect a third wave rally to 3,500 better 3,600 plus that’s my update about ether 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 sh 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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