Hello Traders Investors And Community,
Welcome to this analysis about Ethereum , we are looking at the 6-hour timeframe perspectives. Ethereum since the main bearish downtrend with exaggerated bearish volatility has found some support in the range above the 1600 level, however, did not yet convert this into a sufficient reversal. As I discovered now Ethereum is building a decisive major formation that has the ability to show up with a determined reversal and therefore activation of continuations and approaching of higher zones in the structure. Therefore it is necessary to keep patient for the final confirmations before rushing into set conclusions as such a formation can also invalidate again.
As when looking at my chart we can watch there how Ethereum has established this main descending-triangle-formation with the coherent wave-count within and the waves A to C almost already completed. Now with Ethereum bouncing within the lower-boundary, this is the likely origin for the wave D in the structure moving to test the upper remaining resistance-cluster marked in red where several resistances coming together and therefore are the main source for the final wave E to the downside which will continue and approach the lower levels especially the dedicated confirmational-bounce-cluster marked in blue and when Ethereum manages to bounce in this cluster this can lead to a breakout and completion of the formation.
Taking all these factors into the consideration now it will be important on how Ethereum continues with the wave-count in the formation here upcoming times. When this wave-count continues and completes as suggested and expected the formation finally completes when Ethereum bounces in the confirmational bounce cluster and closes above the upper boundary. Such a price-action will activate the target zone at around the 2900 level from where the situation needs to be elevated anew. For now, it will be important on how Ethereum continues with the wave-count and especially how it manages to complete this paramount formation to show up with further conclusions, it will be an interesting journey ahead.
In this manner, thank you everybody for watching, support the idea with a like and follow or comment, have a good day, and all the best!
“The high destiny of the market is to explicate, rather than to speculate.”
Information provided is only educational and should not be used to take action in the markets.