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

Hello and welcome to another update video about Ethereum (ETH). In this article, we will be discussing the current price analysis of ETH and exploring the possibility of a triangle pattern forming. We will also touch upon the potential bullish and bearish scenarios for ETH.

ETH has been consolidating within a triangle pattern, as I mentioned in my previous updates. The yellow wave count, which suggests a bearish scenario, is becoming less likely but has not been invalidated yet. However, we have seen some upside movement recently, which has led me to remove the subwave structures from the chart.

If ETH manages to break above the resistance levels at 1585 and 16005, I will focus more on the triangle pattern. This pattern does not necessarily indicate a bullish scenario but rather a delay in a potential sell-off. It allows for some choppy price action and more time before a significant move occurs.

It’s important to note that a triangle pattern is still in its early stages and requires at least three waves to confirm. Currently, we are in the c-wave of the triangle, which is unfolding in a wxy structure. The c-wave is often more complex than other waves, followed by a d-wave and an e-wave.

In this c-wave, the price should not go above 1750 or 1753. If it does, it would invalidate the triangle pattern and suggest a more bullish scenario. However, the structure of the c-wave will also play a role in determining the next likely move. If we see an impulse to the upside, it could indicate a more bullish scenario.

On the other hand, Bitcoin is pushing the limits of the bearish count and might also be heading towards a more bullish scenario. As for ETH, there is no clear bullish path yet, but it’s possible that the overall correction finished on October 12th. However, the bottoming structure is not very reliable, and the move down seems to be in only three waves.

For a real low to be in, we would need additional evidence, such as a five-wave move up followed by a three-wave move down. Until then, ETH could surprise us by continuing to chop around within the triangle pattern. It’s important not to get too excited by a few green candles, as the overall structure is still uncertain.

On the daily timeframe, we are tracking a bullish structure and hoping for ETH to reach around 3 to 4k. However, on the lower timeframe, if the triangle pattern is confirmed, we can expect an a-wave followed by a b-wave retracement. I will indicate support levels for the b-wave if it occurs.

Trading within a triangle pattern can be challenging, as the setups are not of high quality. However, I will still provide support levels for potential trades. The target range for the c-wave of the triangle, if it is indeed a triangle, would ideally be between the 38.2 and 61.8 extensions. However, since we have a running triangle, the move down was longer, and I would also consider the 78.6 extension.

Therefore, the target range to watch for the c-wave would be between 1659 and 1696. These levels are just areas to monitor as it is still early in a potential turnaround. The triangle pattern provides some orientation, and I prefer it over the micro structures of the yellow count.

In conclusion, ETH is currently consolidating within a triangle pattern, and the yellow wave count is becoming less likely. The triangle pattern allows for more time and choppy price action before a significant move occurs. It’s important to wait for additional evidence before confirming a bullish or bearish scenario. Keep an eye on the resistance levels and the target range for the c-wave of the triangle. Stay updated for further analysis and consider joining the channel membership for more content. Thank you for reading and watching.