Ethereum, Decisive Triangle-Formation, Determining Zones!

Hello,

Welcome to this analysis about Ethereum, we are looking at the 6-hour timeframe perspectives. Ethereum has developed some interesting structures and at the moment there are building certain similarities with the structure of Bitcoin however there are also significant differences that are necessary to distinguish. Especially recently Ethereum has shown up with a strong bullish bounce to the upside with the bullishness shown up from the 1750 level, it was great for us to secure profits on the long-side within the VIP channel entering at the proper lower values on the long-side. Now embedding this into a broader context Ethereum is also forming a main formation here, therefore I detected all meaningful levels and upcoming scenarios we should consider with Ethereums structural developments which are worthwhile in the upcoming times.

Formational Structures:
As when looking at my chart now we can watch there how Ethereum established this massive decisive triangle-formation marked with the boundaries in black and the coherent wave-count within the formation with the waves A to E already completed. Now as the wave-count finalized Ethereum showed up with the increased bullish volatility from the lower boundary and the 1750 level moving on to approach the upper zones and the upper boundary in the formation matching together with the 200-EMA within there. As there is a strong resistance still within the upper boundary of the formation a pullback, in this case, is not unlikely however there is also a possibility given that Ethereum early shoots above the upper boundary to complete the whole formation, mainly it needs to be elevated how Ethereum moves into to if there comes a pullback or an early breakout.

Upcoming Determinations:
Taking all these factors into consideration Ethereum has a structure from where it can determine a considerable upside-breakout sooner or later. When this upside breakout comes up sooner or later Ethereum will move on and test remaining resistances which are mainly lying within the remaining-resistance-range that is marked in red in my chart, when Ethereum approaches this range it is more likely that an initial pullback follows up then to test lower levels for support in the structure again which is normal after such a triangle-breakout has emerged. Once the pullback has emerged Ethereum will have the ability to stabilize above the upper boundary of the whole formation and build up on it to test the remaining-resistance-range anew and then possibly move above it when the right price-actions setup. For now it will be important for Ethereum to show how these determinations can establish.

In this manner, thank you for watching my analysis about ETHEREUM and the massive triangle-formation with the incoming likely breakouts to consider, great when you support it with a like and follow or comment for more market insight!

Information provided is only educational and should not be used to take action in the market.