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 we want to focus on the short-term price section here because this is really what is currently interesting um we have seen those five waves to the upside into the Monday high that we wanted to see in both the yellow count and the white count because remember in the yellow scenario we’re looking for a wave one to the upside okay and in the white scenario we’re looking for a seawave to the upside now looking at the pattern we can call this move up as um possibly an ABC structure the problem here on this chart is that this move to the upside looks quite short for a c-wave compared to the length of the a-wave yeah we didn’t even get close to the 100% EXT ion level actually objectively it looks more like the yellow count okay but um still it needs to be proven by the price holding above 2,900 so the yellow count is the bullish case in which we go up further I mean we can then discuss about going forward uh if this c-wave maybe sits up here after a larger five wve move we will have to see that for now the idea is that this is very ambiguous price action especially the bottoming structure that we’ve seen here especially the low on the 1st of May which did not create let’s say a lower low but a higher low compared to the 13th of April low very ambiguous not very satisfying I should say and then this move up was not really long enough to be a reliable five wve move for wave C so it’s a bit short but it’s okay for the yellow count because if we assume that maybe an overall low of this correction was formed here but again it’s not an it’s not a clear bottoming structure as explained in previous updates well then this might Simply Be wave 1 in the yellow count currently we’re looking at the wave two pullback and then we could get a third wave from there and so on the problem is that um it needs to be confirmed regardless by forming a low in this region and we’ve now entered this micro support region that we’ve been watching for the last couple of days so what’s going on here on the micro so we’ve seen in the short-term bullish scenario five waves up we’ve seen five waves up regardless but in the short-term bullish count that’s a wave one in yellow and then we’re looking for wave two now which is a wave two pullback after we had a first a-wave down which was a five-wave move as it seems the low that was formed yesterday um into the support region the B wve started where I wanted it to start it reached the 50% FIP level like the first level of the resistance area got rejected the move down looks okay it looks corrective could be an ending diagonal in wave C and I shared with you yesterday that what we want to see is five waves down in wave C we’ve basically seen that now it would be ideal if the price could go down a little lower just looking at what is ideal you know um to the 100% extension level of yellow wave a that points to 2,942 it is the 100% extension of a and that is an ideal Target for wave C in the yellow count it doesn’t have to get there know cryptos are volatile you see lots of distortions especially on the smallest time frames so don’t bet on the price getting there I’m just purely telling you what would be ideal these levels always or not always but they often act as a magnet for the price so that’s sort of what I’m watching now on the E chart for um it is entirely possible that we’ve already got five waves down complete the fifth wave was a little bit short so I prefer it to be a little bit longer um what you need to watch out for in in this current um scenario here or situation is that maybe the fourth wave will extend a bit could always form a bit of a flat structure and then go down and hit that 100% extension but if we get a convincing break above the wave four high at 3,3 38 pretty much um there would be an early indication that a low has formed possibly in wave C of two okay and then the b-wave high needs to be taken out next at 3,100 yeah $29 so it’s it’s basically that b-wave high and then also we need to break above the wave one High I mean that would be the most robust confirmation for a low in place at 3,225 for now I think we need to be ready for a reversal um but I can’t confirm it at this stage just watch this area but pre preferred maybe a little lower so we’ll see how that all um you know unfolds a break below 2,900 which is the 78.6 retracement of the initial rally between the 1st of May and the 6th of May that would be an early indication that we’re breaking down completely okay and that we actually following the white count which is not clearly impulsive I’ve just sketched it out here um it looks more like yellow at the moment I’d say but that’s a very qualitative assessment it really all depends on the 2,900 level and at the moment I don’t see much upside momentum yet so it’s not enough yet but um yeah maybe that comes in and then we could be turning around from here this is the support region we want it to turn around from here but to the downside 2,900 is a key level and then yeah we should see another four five pattern in the white count forming a lower low possibly reaching the $2,600 region um if we break below 2,900 at the moment the local trend is down but the move down is nicely a corrective pullback as it seems okay and if it stays like that it keeps the door open for higher key levels were discussed so you have all the levels I think that you need for today 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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Ethereum Support and Resistance Levels: Latest Elliott Wave Forecast for ETH and Microstructure

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