These Outcomes Considerable Within Ethereums Current Structure!

Hi, welcome to this analysis with ethereums 1-hour timeframe perspective, ethereum developed some interesting signs in the structure, since ethereum together with bitcoin established heavy downside action it is somewhat marginally recovering right now, the big question is now if it is just setting up to continue its downward journey or proves to form a reversal which can possibly succeed also above the descending-channel formed within here. Currently, ethereum tests the 100-EMA marked in red in my chart and as the volatility shows the price-action can be strong enough to go above it, when this happens ethereum will aim to the higher levels in the structure however it will run directly into serious resistance levels consisting of the 500-EMA in blue, the horizontal resistance and the upper boundary of the channel forming a coherent resistance cluster here likely to confirm bearish when touched in the area.

When ethereum shows up with the more likely pullback after it has visited the resistance-cluster area marked in red it will move to the lower levels in the structure and test them again, it will be an important test as there is a precipice lying consisting of the horizontal support line you can watch marked in red, when ethereum falls below this line it will cause heavy bearish pressure as stop losses will be triggered below. To consider a bullish breakout above the descending-channel-formation which is nevertheless outstanding sooner or later ethereum needs to hold this level, it will happen when ethereum manages to increase bullishness here to finally move higher and prove the breakout successful at the end of the day, next times will show how ethereum is developing here further and how a possible breakout can establish.

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.