VincePrince

Ethereum, Here Is How It Can Manage A Step Outside Channel!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello Traders Investors And Community, Welcome to this update-analysis about ethereum , we are looking at the 4-hour timeframe perspective, the recent events, the current formational structure and what we can expect the next times. Ethereum is showing some really interesting signs at the moment, as it recently tested the upper boundary and 400-EMA in blue of its channel it formed a pullback there which was expected, now it is the question if this pullback manages to recover and ethereum moves finally above the resistance layers still remaining or if it visits lower levels again, in this case I detected the important levels and possible outcomes we should consider in ethereum and its upcoming destinations.

Looking at my chart you can watch that ethereum just build this rising-wedge-formation below the strong resistances, such formations normally break bearish to the downside which can be expected also here, this does not mean ethereum is fully bearish 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 bearish 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 bullish 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.
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Comments

amazing work! thanks
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VincePrince PolarHusk
@PolarHusk, Thank you!
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Looks good
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VincePrince John0Carter
@John0Carter, Thank you
+1 Reply
Well considered. Thanks.
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@Rule72, Great to hear, all the best.
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Post your comments, questions, and ideas about ETHEREUM here.
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