Looking at my chart you can watch that ethereum just build this rising-wedge-formation below the strong resistances, such formations normally break to the downside which can be expected also here, this does not mean ethereum is fully however it increases the possibility for next lower levels to be visited, this will continue till there is substantially support found which can reverse the perspective again, here ethereum has the next important support in the blue back-up-cluster marked in my chart where the FIbonacci-supports lying, when ethereum bounces in this range it can stabilize and finally form the breakout above the upper boundary.
When considering the more likely stabilization and breakout scenario we should also keep the reverse perspective in mind, this will happen when ethereum does not manage to bounce in the blue cluster and falls below, when this happens ethereum will continue with pressure till around the 315 level, if it does not manage to form a solid reversal there and falls below the 310 level this will invalidate the scenario firstly, as ethereum has still some serious supply and resistance lying this scenario should not be kept by side and the best option will be to look how ethereum reacts in the blue back-up-cluster, it will be interesting to see how this develops.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
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Information provided is only educational and should not be used to take action in the markets.