Ethereum, These Mechanisms Leading Into Suggested Target-Zone!

Hello Traders Investors And Community, Welcome to this analysis where we are looking at ethereums weekly timeframe perspective, as I detected ethereum is forming some highly interesting signs here and differentially to bitcoin it already tested the upper boundary of its massive ascending-channel-formation, such channels will either break to the up or downside sooner or later and in this case, it is the upside breakout which is preferred, there are, however, some important measurements and mechanisms ethereum needs to show up with to fully validate the breakout and reach its remaining broadenind-wedge-targets as planned, therefore, I detected the underlying wave-counts and important levels we should consider in ethereums destinies.

Stabilization Above Major Supports:
As you can watch in my chart ethereum is now trading above major support which is the 20-EMA in blue where it is holding above and did not yet broke below it, when ethereum stays above this important EMA and manages to stabilize further it has the potential to complete the correctional wave 4 of the major wave-count, this will happen when ethereum shows up with the consolidation between the upper-boundary and the 20-EMA as it is marked in my chart, such movement will actually be a strong sign and indicator for a final breakout above the upper boundary. Here it is highly important that ethereum manages this and does not increase with bearish pressure again because a close and fall below the EMA can invalidate this scenario.

Outlooks:
When ethereum manages to form the movements as expected it will provide the setup for the final wave to the upside and reaching of the broadening-wedge-targets marked in my chart in the red level between 763.5 and 774, when ethereum reaches this level it will finalize the wave-count and also reach the broadening-wedge-target, what is often seen then after price approach such important levels is a pullback firstly to lower levels again, this will happen when ethereum reacts bearish in the target-zone and sets up to form a pullback, the first projected target then will be the upper boundary of the channel matching together with the 20-EMA then, after this has shown up it has to be elevated how ethereums reacts in this zone.

In this manner, thank you for watching, good day my friends, and support for more market insight.
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Information provided is only educational and should not be used to take action in the markets.