Ethereum (ETH): Breakout Ahead? Elliott Wave Technical Analysis #eth

Write a 1000-word comprehensive and engaging article from the script [Music] hello hello and welcome to another update video about ethereum ethereum has followed the road map nicely we had a reaction just above the 50% retracement level yesterday and today the market actually just moved up nicely together with Bitcoin um higher I mean in percentage terms I think stronger than Bitcoin but overall overall weaker I’d say right um all we need to do is to take a look at the eth BTC chart then it will become clear even though trading view tells me here 12% up for eth and 10 for Bitcoin which is similar but overall okay overall this is a strong downtrend this is the eth BTC chart so I mean a bounce is likely at some point right but so far ethereum has failed to break out to the upside here this is the eth BTC chart beautiful trend line but we are way below it okay so we want to see a break above the trend line for the East BTC chart to really get back into at least the local uptrend which could indicate then the start of wave B of course we are far away from it we’re currently in a support area the price it’s not the price they’d say the chart has failed so far to generate an upside reversal I did put it into my last signal on Discord that I do not expect um let’s say alltime highs on this chart in this cycle well I’m happy to be impressed but at the moment I’m primarily looking at best for a corrective rally I mean a bounce is due a bounce is due from here but there’s no sign of it well if we go to the lower time frame maybe it’s try buying again but it’s it’s too weak okay so this is obviously the chart that tells us if e if ethereum or Bitcoin is outperforming and it’s still clearly Bitcoin yeah if this chart goes down Bitcoin is outperforming now let’s go to the E chart idea is that um I can probably mark it now on the chart like that that we’ve bottomed cuz my commentary from yesterday was that this way for could have bottomed in this larger support Zone but it’s only a three-way so I need more evidence it would only be possible as a diagonal pattern to the upside so it’s a three-wave move up in wave 1 it was a corrective pullback in wave two holding the support area did communicate yesterday that as long as we’re holding 2170 and we see a turnaround then break above the recent high and then also break above 2658 which would be the next confirmation level it becomes clearer and clearer that we are in a larger diagonal pattern to the upside that means in other words we’ve bottomed and we’re forming a five wve pattern to the upset looks good it looks promising but it’s only a diagonal pattern bitcoin’s chart is an Impulse it is much clearer here so this chart is currently following the road map I shared earlier today I did not share it like that in the last video but updated ethereum several times today for our Gold members uh let’s take a look what the updates were um for etherum I won’t go through them all but one of them was here this afternoon I presented I think here the um idea of a diagonal pattern the price at the time was 2,449 and the reason for the diagonal is because Circle wave 1 is just a three-wave move so the idea is that also wave three has to be a three-wave move and the idea was that the 2658 level needs to break for further confirmation now we currently we’re currently there at that level if the price breaks above 2658 resistance which I’ve added to the Chart just now I will assume that the yellow scenario is unfolding as diagonal pattern but also that this chart leaves a lot of room for interpretation and looks overall weaker than Bitcoin especially because of this diagonal pattern it just leaves a lot of room for interpretation so let’s take a look at the next uh updates we had adah we had Doge Bitcoin cake pancake swap Bitcoin Bitcoin jasm was updated Bitcoin ethereum here so later update was still following the road map followed through nicely no changes required yeah um the price is uh at this time it was filling in this c-wave of wave a okay quick educational lesson an a-wave can be a three-wave move and an a-wave can be a five-wave move what I found especially in this cycle a waves are most frequently three-wave movements so I typically track an a-wave which is part of that wave three as a three-wave move by default until it proves that something more bullish is going on and then we had the um last update was at around 8 M the price should still extend a little higher in wave C of a but these are all corrective structures but should still extend a little higher at the time we were here at 2580 and yeah price moved quite um I mean I don’t normally call these predictions but the price could be predicted quite nicely today here covered Brad here today as well um and yeah now we have this push to the upside and the latest commentary was that this c-wave of wave a it has now reached this target Zone and it looks now technically complete so this is now where I’m waiting for a b-wave pullback to form at some point now we are now at resistance and the a wave looks technically complete so wave C of a the wave C is a five wve move small 1 2 3 4 five it can always extend higher I have absolutely no indication at the moment of a top in place here but if a pullback forms I would call it wave B and I can already add a support Zone just be aware it is not the final one can yeah leave the pre yeah let’s take that one out um this one here is between 2381 and 2517 so as long as we’re holding 2381 this yellow micro structure could unfold further and the larger third wave should ideally get to 3,75 or higher there’s a long way to go let’s see if we can actually get there so yeah that’s the 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 that includes Ethereum Price Analysis. 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