Ethereum ETH Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Ethereum Price Analysis: Flash to the Downside and Potential Wave Two Setup

In the latest update video about Ethereum, it is observed that there has been a flash to the downside, following the micro count shared in the previous video. The price has stayed below resistance and seems to be going deeper into the yellow support area. It is important to note that this is still a potential one two setup, with wave one peaking in July and the exploration of wave two. However, a confirmed low in place has not been established yet.

Altcoins Suffering and Focus on Bitcoin and Ethereum

The altcoin market is experiencing a small bloodbath, which is normal for altcoins. This is one of the reasons why altcoin positions are kept small, with a focus mainly on Bitcoin and Ethereum. Interestingly, Ethereum is suffering a bit more than Bitcoin. The article suggests that the focus will be on Bitcoin in a separate video.

Potential Wave Three Unfolding and Target Levels

The article proposes that the current wave count indicates a potential wave three unfolding. The target for this wave three is the 1.618 extension, which would be around 1800. It is noted that the price has already reached the 1.236 extension, which is acceptable if the correction is an ending diagonal. However, the article suggests that the price might need one more low to wrap up the correction before moving into wave four and wave five. The ideal target for completion is around the 1780 level.

Confirmation of Low in Place and Support Levels

The article emphasizes that a confirmed low in place cannot be established until a five wave move to the upside is observed. It is important to see some kind of impulsive reaction to the upside, even on a smaller time frame. The article suggests that a low below the low of August 7th would be ideal for confirming a low in place. Support levels are also mentioned, indicating that further scaling in might be considered if the price comes down lower.

Choppy Price Action and Unexpected Twists and Turns

The article acknowledges the choppy price action and unexpected twists and turns in the market. It highlights the importance of expecting headwinds and being prepared for unexpected moves. The article mentions that even though the wave count has been followed and the price has been on the way down, unexpected moves can still occur. It is important to remain patient and have price targets in focus.

Indicators and Potential Bullish Divergence

The article looks at some indicators, such as the RSI and MACD, to assess the potential for a lasting low in place. It suggests that a bit of bullish divergence might be observed between swing lows if another low is reached. The daily chart is considered more interesting, but it is noted that the indicators are not yet pointing to a reliable lasting low. The article suggests that another flush to the downside might be possible before the completion of wave five.

Conclusion and Call to Action

In conclusion, the article highlights the need for patience and waiting for the completion of the correction in Ethereum. It acknowledges the possibility of another round of up and down price action but remains hopeful for a completion soon. The article encourages readers to like, comment, and subscribe to the channel for more updates. It also mentions the option to become a channel member for exclusive content.

Frequently Asked Questions

Q: What is the potential setup for Ethereum?

A: The potential setup for Ethereum is a one two setup, with wave one peaking in July and the exploration of wave two. However, a confirmed low in place has not been established yet.

Q: Why are altcoins suffering?

A: Altcoins are experiencing a small bloodbath, which is normal for the altcoin market. This is one of the reasons why altcoin positions are kept small, with a focus mainly on Bitcoin and Ethereum.

Q: What is the target for wave three in Ethereum?

A: The target for wave three in Ethereum is the 1.618 extension, which would be around 1800. The price has already reached the 1.236 extension, which is acceptable if the correction is an ending diagonal.

Q: How can a low in place be confirmed?

A: A low in place can be confirmed by observing a five wave move to the upside. It is important to see some kind of impulsive reaction to the upside, even on a smaller time frame.

Q: What should be expected in the Ethereum market?

A: The Ethereum market is currently experiencing choppy price action and unexpected twists and turns. It is important to expect headwinds and be prepared for unexpected moves. Patience is key while waiting for the completion of the correction.