Hello Traders Investors And Community,
Welcome to this analysis where we are looking at Ethereums 2-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. Since Ethereum managed to stabilize and find support after it broke out the wedge-formation it is forming it now set up to test important levels and forming other significant signs I detected here are determining for the upcoming outcomes and perspectives, therefore I discovered all the important levels and likely price-action we should consider in the current structure and upcoming movements.
When looking at my chart you can watch there Ethereum now tested the dynamic-trend-line marked in blue once which was formed by past price-action and was previously resistance now became support, besides that Ethereum is trading within this massive ascending-channel-formation marked in my chart with the black lines, this channel is holding the bullish trend to the upside and it is important to hold considering any further bullishness ahead, the next times we can expect Ethereum to move on with the ABC-correction as it is marked in my chart which will directly finish within the lower boundary and the 40-EMA in blue matching there, when this level holds and Ethereum manages to breakout above the upper-boundary of the wedge Ethereum is forming marked in orange the bullish continuation can be expected here, otherwise when this does not happen and Ethereum moves below the boundary and below the EMA this will lead to a C-wave-extension within the bearish-continuation-zone marked in red in my chart, this scenario will show up when Ethereum closes below the EMA and below the boundary.
The next times Ethereum has to show what it is forming here in the structure and if the dynamic-support can properly hold or Ethereum firstly continues with a protracted bearish move testing the lower supports, currently, this scenario should not be kept by side nevertheless it is highly important to wait on the right confirmations here before moving into one direction and overspeculate the market in this direction, when a bearish continuation occurs this does not mean Ethereum has no bullish potentials on the more middle-to-long-term as there are still important supports on the higher timeframes.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Prospect is the ingredient of good fortune.”
Information provided is only educational and should not be used to take action in the market.
Welcome to this analysis where we are looking at Ethereums 2-hour timeframe perspective, the recent events, the current formational structure, what we […]