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 currently in this corrective pullback here we’re dealing with a wave two pullback yeah we have this wave 1 to the upside this wave two pullback if it really is a wave two or something more bearish will be decided in this support area um we have reached my target that I mentioned yesterday at 2,940 I did post an update yesterday on X about that as well so feel free to follow us here just trying to scroll to the upside feel free to follow us here as well for additional updates you get all sorts of um updates here as well and um already pointed out here 12 hours ago it was actually already um that the price reached at 2009 42 level that I mentioned well earlier yesterday so you get these kinds of updates here on X as well important was really to mention in this context that the 2,942 level was the the first ideal Target for this decline obviously we have the entire support Zone which can be an important um yeah let’s say it’s just a pullback Zone it’s just you know for the levels to watch and then Within These support zones we can when the micro structure is clear or kind of clear we can determine the um the ideal targets okay so I did mention that ideally the correction finishes in this region okay so we’re talking about this orange micro support region because this is the stress test for the yellow short-term bearish scenario a reaction to this support Zone means that we’re likely starting a third wave rally to the upside um no reaction no impulsive reaction to the upset so if the boot if the buyers cannot generate an a sufficient let’s say buy reaction then it’s very likely that we’re following the white count and might then you know the price might then end up in the 2,500 to 2,600 area which is basically it just means we’re currently at a critical juncture and the price needs to show a reaction here and we go back to the live chart now because the price did show an initial reaction but is it strong enough to already look at this as a third wave to the upside right that’s what we’re going to take a look at now again feel free to follow us here there are plenty of additional updates not only about charts but trading mindset and so on and yeah that could be some value for you so let’s take a look at the live chart here the idea is that and I mentioned that yesterday as well that it minimally takes a break Above This wave four high at around 3,32 $3,033 to indicate that a low has formed I mean this is a Poss POS one to setup okay but it is so small that it’s absolutely not reliable um therefore and also because we haven’t even made a higher high I’m very skeptical and we just need more data to say that we’ve bottomed or not basically this is the area where I want the price to see or where I want to see the price reverse um if it doesn’t okay if it makes another low that’s fine but then it would need to hold 2,900 which is the critical 78.6 retracement because if we don’t see a reaction there then we’re likely going to go to completely new lows okay um I me okay completely new lows doesn’t mean doesn’t mean new bare Market lows but it means sort of in the area around 2,500 2,600 next while I record this video the way it’s coming down now I can already tell you um it doesn’t at the moment at least look very constructive again we haven’t taken out a previous high that was sort of my minimum requirement I want to see a break above a previous swing high and yeah at the moment it’s just forming a lower high if it now also forms a lower low then the correction is set to continue and as I mentioned yesterday as well the correction is set to continue anyway until I see a reaction um or yeah the correction is set to continue until I see a reaction which is impulsive and which likely sends the price higher um in five waves okay and um now a reaction from here would be needed exactly from here to keep the idea up that we could have bottomed already but it’s again it’s not looking very very promising so we have to see how the market reacts um ongoing weakness at the moment not yet enough um confidence you know I don’t have enough confidence yet to say that we’ve bottomed and as I said 2,900 is the next key threshold to the upside key parameters to watch are 3,32 and then obviously that b-wave high but let’s first see if we can get above that um swing high from yesterday this fourth wave high that’s very very important and um yeah that’s sort of what what I’m watching here for today at the moment again you know no confidence that a low is in it’s possible we’re watching but I’m watching for it doesn’t mean I tell you it’s going to happen it’s just simply watching for that reaction if it happens it should happen from this area so it’s quite interesting it’s going to be quite interesting today but so far yeah nothing too exciting but it’s going to turn around at some point you know and then we can we can build that next impulsive structure to the upside so that’s my update about ethereum 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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2 Comments
Thank you!
Could you do DOT and SUI please?