ETHEREUM, Determining H-S-Formation, Important Zones!

Hello,

Welcome to this analysis about Ethereum, we are looking at the 4-hour timeframe perspectives. Ethereum has shown up with important determinations in recent times as I discovered it is forming a decisive reversal-formation that should not be kept by side here, taking this into consideration a bearish continuation can accelerate when the formation completes. Besides the initial local head-shoulder-formation that already completed Ethereum also moved into the bearish continuation-zone in this dynamic, if you did not see this analysis already I recommend watching it also. Therefore I discovered all the important levels and upcoming determinations we need to consider with Ethereum in its established structure and upcoming determinations.

Structural Developments:
As when looking at my chart we can watch there how Ethereum is now developing this major head-shoulder-formation in the structure with the left shoulder and the head already completed. Now as Ethereum already moved below the 65-EMA in red this was the first sign for increasing bearishness and as Ethereum is now also below the 100-EMA this just increases the bearish possibility. In the next times, the right shoulder is likely to form in the structure and in this case, Ethereum will approach the 65-EMA in red and bounce from there bearishly by the local resistance, the full formation will be completed when Ethereum closes below the neckline of the formation.

Upcoming Determinations:
Taking all these factors into the consideration now Ethereum is in a structure in which it will complete the whole formation likely by the near future. When this happened and Ethereum closes below the neckline it will activate the downside target-zone marked in my chart in blue at the 2660 level and also the continuation to the downside will be activated. Once Ethereum has reached this target-zone which is also a potential stabilization zone it has to be elevated if Ethereum manages to bounce in this zone or just sets up for a further continuation to the downside. For now, we should keep prepared for the incoming completion of the whole formation.

In this manner, thank you for watching my analysis about BITCOIN and the main broadening-wedge-formation with the upcoming determinations to consider, support the analysis with a like and follow or comment for more market insight!
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Information provided is only educational and should not be used to take action in the market.