Ethereum, Massive Candle Confirmed The Triangular Formation!

Hello Traders Investors And Community, welcome to this update-analysis in ethereum where we are looking at the weekly timeframe perspective, the occurred confirmations of the mentioned triangular formation, what ethereum is building now and what we can expect from this pair the next days, hours and weeks. As pointed out in previous analysis ethereum was trading in this important decisive triangular-shape which you can watch marked in orange, the possibility for a confirmation either to the up or downside was given and now ethereum just confirmed heavily to the upside, if you did not watch analysis already I highly recommend that you watch it by going on my account and looking on it. Currently, I detected some further meaningful signals which will determine ethereums outcome.

As you can watch now when looking at the chart is that ethereum just currently confirmed below the next major resistance line at 290 marked in red and by the way into the bullish zone. These two confirmations finally showed ethereums bullishness and high potential to continue further in this outlook as these where the needed confirmations which ethereum had to show before defining a concrete direction. This is important to know because without these confirmations the prediction of further development either to the up or downside would be pure guessing as it happens often these times. By the major bitcoin has still not confirmed a concrete direction as ethereum did now this can have an effect also on bitcoin.

Initial Analysis According The Subject (Weekly Timeframe):

Upper Boundary Confirmational Scenario (Daily Timeframe):

What is important to note now is that ethereum can either run immediately further to the upside or show a correction before such movement can take place appropriate, in a consistent trend approach the correction and further continuation would be definitely healthy as the possibility for a bull-trap decreases but it is also possible that ethereum can go straight through resistance and move on, this scenario will finally confirm when ethereum marks above the 290 resistance. We will see how this is playing out and as the triangular-shape has now confirmed to the upside the targets for this move and continuation are way above the established highs in this year.

Overall we can take note that ethereum is in a solid bullish environment currently where it confirmed several levels but as bitcoin is still in consolidation and has nothing confirmed yet the whole cryptocurrency space can also turn the back and move on into the bearish direction, therefore it is important to watch also on bitcoin as this is still the major with the highest market capitalization. Furthermore, it is really great to watch that the elite channel participants made some good gains in the last times as entered before the huge volatility showed up with confirmations on the smaller perspective. This shows one more time that technical analysis is empirical since to succeed when applied correctly regardless of what academic proposes sometimes.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
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Information provided is only educational and should not be used to take action in the markets.