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

Ethereum Price Analysis: A Comprehensive Update

Welcome to another update video on Ethereum! In this article, we will analyze the current price movement of Ethereum and discuss the potential scenarios for its future direction. We will also highlight key resistance levels and important events to watch out for in the coming days. So, let’s dive in!

Five Waves Down: Following the Yellow Wave Count

Based on the recent price action, it appears that Ethereum has completed five waves down from the September 18th high. This indicates that we are currently following the yellow wave count. The five-wave down pattern is a clear indication of a bearish trend. However, we are now expecting a wave to pull back.

In our previous videos, we discussed the possibility of another low below the September 21st low. If this happens, we can expect a pullback in the Ethereum chart between the range of 1618 and 1648. It is crucial for the price to stay below 1648 to maintain the validity of the yellow wave count. Any break above this level will force us to reinterpret the chart.

The key resistance level to watch out for is $1700. If the price breaks above this level, it could potentially reset the wave count to a higher level of resistance. However, it is important to note that this break doesn’t necessarily make Ethereum directly more bullish. It would require a confirmation of five waves up in the wider wave count to confirm a more bullish scenario.

Preferred Scenario: Third Wave and Pullback

Currently, we have a one-two setup, which is not the preferred scenario. The preferred scenario would be a confirmation of the third wave above $1700. According to this scenario, the third wave should reach $1795, followed by a fourth wave pullback and a fifth wave to the upside. However, until the price is above $1700, it is more likely that the yellow wave count will continue to dominate.

If the price reacts to the region between 1618 and 1648 with a rapid sell-off, it would indicate a breakdown of the third wave. The target for this breakdown would be around $1458. This would then lead to a wave 4 pullback and a wave 5 down, completing the larger degree third wave. Following this assumption, we can expect declining prices in the coming weeks.

Triangle Scenario and Potential Delays

While a triangle scenario, specifically a b wave triangle, is a possibility, it is not currently considered as a likely scenario. A triangle would only serve as a delay to the yellow wave count, resulting in further choppy price action without breaking any key levels. The trend is currently downward, and a break above $1700 is needed to change this bearish outlook.

It is important to note that there are upcoming events that could potentially impact Ethereum’s price. Jerome Powell’s speech, GDP data, and core PCE inflation data are scheduled for Thursday and Friday. These events could introduce more volatility to the market, so it’s worth keeping an eye on them.

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Frequently Asked Questions

1. What is the current wave count for Ethereum?

The current wave count for Ethereum suggests that we have completed five waves down from the September 18th high. This indicates a bearish trend, following the yellow wave count.

2. What is the key resistance level to watch out for?

The key resistance level for Ethereum is $1700. A break above this level could potentially reset the wave count to a higher level of resistance. However, it is important to note that this break doesn’t guarantee a direct bullish trend.

3. What is the preferred scenario for Ethereum’s price movement?

The preferred scenario would be a confirmation of the third wave above $1700. This would be followed by a fourth wave pullback and a fifth wave to the upside. However, until the price is above $1700, the yellow wave count is more likely to dominate.

4. Are there any upcoming events that could impact Ethereum’s price?

Yes, there are upcoming events that could introduce more volatility to Ethereum’s price. Jerome Powell’s speech, GDP data, and core PCE inflation data are scheduled for Thursday and Friday. These events should be closely monitored.

5. What is the possibility of a triangle scenario?

While a triangle scenario, specifically a b wave triangle, is a possibility, it is not currently considered as a likely scenario. A triangle would only serve as a delay to the yellow wave count, resulting in further choppy price action without breaking any key levels.