Ethereum, Major Wedge-Formation, Important Considerations Now!

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at the Ethereum 30-minute timeframe perspective, the recent events, the current formational structure, and what we can expect the next time. On the more global perspective, Ethereum managed to form this important breakout above the resistance where it established a solid bullish wave-count now and certainly valued within the bullish range to establish this wave-count, now as this important price-action emerged here there came some other significant signs into the structure I detected are necessary to consider, therefore we are looking at the important levels and likely outcomes ahead.

When looking at my chart we can watch there how Ethereum has formed this preliminary decisive ascending-wedge-formation marked in blue in my chart, besides that Ethereum already established this coherent wave-count within the formation marked in red where it almost already completed the waves A-E and now testing the upper-boundary and already bearishly pulls back there, this can be the initial origin for the final completion of the wedge-formation and ongoing bearish pressure when this happens. The final confirmation for Ethereum will show up when it closes below the lower-boundary of the wedge and below the 25-EMA in grey, when such price-action shows up here Ethereum is likely to continue bearishly till there is proper support found that can reverse this dynamic again and Ethereum can stabilize. The stabilization will likely happen when Ethereum moves into the back-up-cluster marked in my chart in blue where several supports coming together consisting of the 200-EMA in green, the 300-EMA in orange and hugely important the Fibonacci-levels defined by the 38.2 and 50% Fibonaccis, taking all these factors into consideration Ethereum has good potential to bounce within this cluster and form the second impulse to the upside from there.

For now, it is meaningful to keep patient and elevate how the ascending-wedge-formation finally confirms in the structure and how it moves into the lower supports. When Ethereum completes this formation and shows up with bearish pressure ahead this does not mean Ethereum is completely bearish as it has still a more bullish pace on the higher timeframes as mentioned already in the previous analysis, this is why we should also not deny the bullish potentials lying ground with Ethereum and the possibility still given, the bullish journey is not fully over when Ethereum completes this formation and it will be interesting developments upcoming.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Prospect is the ingredient of good fortune."

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