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 um is still in this very very ambiguous posture here that could in reality that could turn into anything um but we have a potential five wave move up as per yesterday’s update yeah and from the Wednesday low to the upside here so that uh at least leaves the door open for higher prices as well there is a clear level that distinguishes between bullish and bearish momentum bit in no man’s land at the moment but we’re now doing the final test okay where the price is undergoing the final test and I’m going to tell you why um dealing here with this corrective structure obviously could still get another low we talked about that this here could easily be a w X Y structure a b c that b wave is a little bit strange um so it would actually look quite good if the bottom is already in but um you can interpret that easily as um a b-wave okay as a as a flat structure and then a seawave down could still follow from there for me it’s all about the 2,900 level okay that’s the key level break below that would increase downward momentum as long as we’re holding that the yellow count which indicates that we could have indeed bottomed here on the 1st of May has a good chance so let’s zoom in that’s the short-term bullish count um which indicates that we completed the entire correction here the problem is this low that was formed on Wednesday was not below this one that formed on the 13th of April leaving a sort of ambiguous and unclear bottoming structure however if we say okay we had five waves it can can always be you know on some exchanges I know it made a lower low um also some kind of exceptions like truncations are possible of course nothing I would use until I see more evidence for that but we have a five wave move up so this interesting five up then um this could be in a more bullish interpretation a wave one to the upside yeah as we talked about it yesterday the price did react where it needed to react came down into the support region first reaction to the support area it’s defined between 360 and 2,900 and the move down could be the airwave could be the b-wave rally here already maybe the b-wave gets a bit of an extension there maybe the B wve is already in but yesterday I posted that this would be the ideal spot to start the b-wave maybe it’s already done you know we see a bit of a bit of a reaction there standard resistance area for the B wve is here it’s between yeah we’ve already reached a 50% FIP level so if now the seawave down starts that would be perfect and then we just need to see does it hold the $2,900 level now to confirm that the c-wave is unfolding we need a sustained break below 3,23 the low of the a-wave low okay that’s sort of at the moment that would be perfect and then we can get all of this completed and ideally we’re holding 2,900 at least from the perspective of the bulls and if we see the price stabilize in the support area and then rally impulsively then we’re likely in a third wave and then I would say we probably bottomed okay it’s all still probabilities but then I would assume we’ve bottomed um in the wave in the larger degree um fourth wave correction here in a more bearish scenario we obviously topped here in the B wve yes this is a five wve move up but it would be wave C in B and then we would now break support but it literally this is not so much about being predictive it’s more about understanding what are the key levels and um where are RIS risk and reward in a favorable ratio and from a long position point of view I think The Orange Box offers an interesting uh potential entry but obviously from a probabilities point of view not the best one because the bottoming structure of the entire correction that started in March isn’t very clear but still you know this is the area where if the Bulls Take the Lead it should happen no and then from there third wave rally um yeah should begin so this is really key 2,900 this is now the key stress test for this bullish scenario in yellow if we see a break below 2,900 I’d say that one more low then is likely and then ideally we’re bottoming in the region around 2,500 2,600 yeah alternatively one more high is possible in this five-wave move that started on Wednesday the 1st of May but I would really only I only put that on the chart so nobody is surprised if we um if we get one more high but it’s only the alternative for now you know this dip was quite deep so I prefer that um we’re working here currently on a b wave can’t really say the b is complete yet but the resistance area standard resistance area is on the chart that standard resistance area is only for guidance okay because b-waves tend to overshoot sometimes but yeah that’s sort of um what I’m watching for parameters have not changed at all but I added a resistance area 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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1 Comment
Can you do avax please😊