Welcome to this update-analysis where we are looking at Ethereum and its 6-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation in an appropriate manner. Since the last time Ethereum managed to finally complete this whole triangular-cluster-formation it has formed with a breakout to the upside where it already tested the boundaries, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview, now as Ethereum has shown up with this great price-action that was a first important factor to confirm further movements there are some other signs and indicators I detected here that are determining for the upcoming outcomes and destinies Ethereum will come up with.
Next Triangular-Formation And Structural Development:
As you can watch in my chart the first major triangular-formation already confirmed bullishly to the upside and Ethereum moved on to test the upper resistance with several moves where it is now forming a second triangular-formation above the 15-EMA in blue and above the upper-boundary of the broadening-wedge, this formation is marked in orange within my chart and it currently has already completed the waves A-C where the next wave D can set up now to test the upper resistance once more which can be the decisive origin of a the final wave E that completes the whole wave-count which is likely to happen with a last test of the 15-EMA and the upper-boundary of the , when Ethereum manages to bounce here successfully and move above the upper resistance after this has done the second triangle can be marked as completed here which gives a new movemental indication.
Upcoming Perspectives And Important Considerations:
The forthcoming times Ethereum has to show how it manages to complete this second major formation here and how the further continuations can establish after this has emerged, when considering this scenario it is highly important that Ethereum stays above the 15-EMA and above the upper-boundary to do not fall below this level again because this can possibly invalidate the triangle-breakout. When Ethereum has managed to finally complete the whole second triangle-formation and form a breakout above the upper resistance this will activate further potentials ahead as Ethereum will move into the growth zone marked in my chart in green where prospective alignments can be measured, the structure differs from Bitcoin as it already made new highs and is in an overbought condition, therefore Ethereum has some more room to develop, this fact should also be considered into the calculation here.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Miracles tend to happen outside the usual experiences.”
Information provided is only educational and should not be used to take action in the market.
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