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 is going down lower in the support area that is expected in the previous video I highlighted to you that most likely this fourth wave unfolded here as a running TR running flat and that we’re coming down probably in one more wave down in wave five but now we have a pretty full five wve move not only that we are quite deep in support So ideally ether would turn around here if it wants to um if it wants to play the the yellow scenario obviously the correction is set to continue until we see a first reaction to the support region so far there is no such reaction okay but we’ve actually dipped into the support region this is um this is the good thing when we have two scenarios that are pointing into the same direction okay so we had obviously up here the yellow count which was set to correct yeah and get corrected in a three-wave move into the support region and earlier today as soon as we had the b-wave top actually it was yesterday I mentioned to you that the 100% extension level is the ideal Target um so we had the yellow count that was ideally going to reach this area here around 2960 2940 but also in the white count um we had to watch for lower prices this white count would obviously go lower so it’s really just a matter of how long is this correction to um going to continue and we are watching in this particular area exactly here now um for signals of a reversal now that doesn’t mean it has to reverse I can tell you that the downside count is technically full we don’t need to go any lower and to be honest it can’t really go any lower because below 2,900 well it could go to 2,900 but below that if we get a sustained break below that level well this would likely mean that this um wave two is invalidating okay well it is not invalidating below 2,900 but the decline would be too deep for a reliable Wave 2 so we are dealing here with 285 as inv validation point but below 2,900 as I said we are already going to um expect invalidation of the yellow scenario which is precisely why I did not confirm that a low is in place because we can’t do that yet I’m talking about a low here um we need to see if the price can stabilize in the support region that’s not happening yet okay so minimally minimally I need to see a break above the intraday high was it the intraday High yeah pretty much here um that high at around 3,32 need to see a break above that level to indicate that a low of sorts is in place at the moment there is not really any signal okay it’s actually trying to break below the 100% extension level now as well and if we see see a break below 2,900 then well what would be an ideal Target Zone we are probably going to look for like the 2,500 $2,600 region we could we could calculate it based on the length of the a wve then we go to the top of the B wve um so here one second So based on this this would actually send us down to 2,400 but we can look at the larger degree as well which I think if I remember correctly was pointing to 2,500 at least this would be the next area of interest to watch so yeah the 1.38 extension then at 2,500 would be I think the next key level to watch but we need to see how this is now developing um what I can tell you is that the correction is still unfolding and is set to continue until we see a first impulse which is going to be um corrected and then a higher low is forming so basically this one two setup is something that’s currently actively observed maybe we’re reversing here and the price could form this larger five wve pattern to the upside but at the moment price action isn’t uh yet showing that yeah but if anything changes I will let you know if we see any first indication that low is in then I I will let you know it’s always the same game you know we need five waves up we had them but that could also be within the white count just wave C within the larger B wve and then we need that three-wave pullback and we have three waves full now that means we need to see now a reaction if it doesn’t occur in particularly this specific region then we’re likely going to head down in a five-wave move and as you can see here um we’re likely then in the third wave in white would then look at another four fourth wave corrective rally and the fifth wave down this white third wave should probably go down to round about 2873 that’s the 1.38 extension of the initial one to to the downside so if we get there see a corrective bounce then this is likely our way four and then one more low and we need to see I mean I think the lower degree targets they are more accurate so we need to see where this points then to maybe we don’t even go down that much like 2,400 2,500 essentially I’m going to track the micro patterns here and once I see a wave four top in place I can calculate the target for wave five down so obviously we’re looking here at micro levels but um either way you know regardless the mindset needs to be the correction is going to set to continue until we see a first successful reversal attempt currently this is the stress test as I said for the yellow count um but the test hasn’t been uh mastered yet yeah that’s my update about ether hope you like the update if you did please 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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