Ethereum ETH Price Update: Technical Analysis & Elliott Wave Prediction!

Ethereum ETH Price Update

Hey hello and welcome to another update video about Ethereum (ETH). Yeah, again, a very, very boring day today, not much price action. Basically, the comments from the previous video still stand, so it’s really just a quick update.

Wave Count: Potential for Higher Prices

The relevant support levels are still in play, not anything to add here. It’s just that the move down from the high yesterday was obviously corrective, so it leaves the door open for higher in the wave count. In this count, I already count the wave four as complete, it’s just not very clear how this is to be counted. It would have to be a diagonal, so it’s very likely that wave five, if it has already started, is unfolding as an ending diagonal.

Watching Support Levels in a Wave of Choppy Price Action

An ending diagonal is quite common, which means we have to expect choppy price action. It could still be the wave four, of course, and therefore I have highlighted the relevant support levels to watch. I think we talked about in the previous video that 1755 is a really important support, it has been for a few days, so far the price has held support. Then we rallied into the specified resistance and got rejected, but not in an impulsive way, so I don’t have evidence that the yellow wave C has started yet. It’s basically two wave counts either here, a b c, or w x y in wave four, and we could now be in wave five already.

Exploring the Potential of the Yellow Count and Circle Wave 4

The yellow count might play out in which we have a w x y structure and then in the y wave, a b c. It depends on how low we go, we can decide if we keep it labelled as Circle Wave 4, even if we go lower, it could be Circle wave 4 as long as we’re holding the orange box support on the left-hand side, which goes down to 1725. If we go below that, it has to be the larger degree fourth wave, but below 166, I will flip bearish. Below 1,700,

I will get concerned that this rally is starting to fail, that we simply come down too deep. But for now, the price hasn’t been moving for a few days, typically what happens in crypto, we see a little bit of action and then it’s just sideways, sideways, sideways, typical wave four price action. That gives a bit of confidence in this wave count.

Good to see that some altcoins started to move, so that at least keeps it interesting, keeps the space exciting. At least we have a break above the 2023 high for Bitcoin, Ethereum still has to catch up. Let’s go to the daily chart and you will see that ETH really hasn’t moved much.

ETH Attempting to Breakout Above Descending Price Channel on Daily Chart

So, let’s go to the daily chart. It hasn’t really moved much, so we’re still watching here if ETH can get that breakout done above the descending price channel, this corrective price channel. It would then form Wave 1, then a wave 2 pullback, then a wave 3, and so on. It would escalate higher, but yeah, still pretty much in this holding pattern. This resistance area that we’ve got here on the daily chart between 1748 and 1894 is certainly slowing the price down. Essentially, getting a break above $1900 should clear the pathway to first that previous swing high at $2,330 and then the $2,150 level.

Don’t think there is much more to add, so I 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. Thanks a lot for watching. Bye-bye.