VincePrince

Ethereum, How The Decisive Channel-Breakout Can Develop!

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Hi my friends,

Welcome to this analysis where we are looking at Ethereums 1-hour timeframe perspective, the recent events, the current formational structure, what we can likely expect the upcoming times and how to possibly handle the situation appropriately. Ethereum has formed some very very interesting signs the last times where the structure has some similarities with bitcoin however there are also some very important differences that need to be distinguished. Overall ethereum has some good potential to form a solid breakout and shift the dynamic to a more constructed outcome that will reach the targets. As looking on this more likely scenario we also need to look at the reverse perspective and determine these reverse outcomes also to not get overwhelmed by the circumstances seen to often these days when the market goes also in the reverse perspective.

When looking on my chart you can watch there that Ethereum is building up two major channels here, the first channel is this huge descending-channel-formation marked in blue where Ethereum already several times touched the upper and lower boundary before it managed to form this ABC-wave-count with the origin within the 600-EMA marked in green, this wave-count which has been formed moved into this ascending-channel-formation marked in black where the price is trading within. Besides that it was also a significant step that Ethereum marked above the 100-EMA in red and formed this bullish up move recently. Taking all these factors into consideration a breakout out of the descending-channel-formation is can be expected within a high likelihood spectrum, before that there are some important measurements that need to fulfill and when this is done Ethereum has some great room for further continuations.

The next times we can expect Ethereum to consolidate within the channel as it is seen in my chart before gaining the strength to form the final breakout above the boundary, in this case, it is tremendously important that Ethereum does not fall below the middle line and then into the bullish-validation-zone because this can invalidate the breakout-scenario, however, this is not the most likely outcome currently. When Ethereum now manages to breakout above the boundary a pullback and continued up move will confirm it fully and activate the targets at 387.5 seen in my chart, this whole mechanism and dynamic will lead to a C-wave-extension of the previously established wave-count. When Ethereum has riched the targets it has to be elevated how it proceeds from there and if there can come a continuation or pullbacks firstly, in any case, it will be a highly interesting establishment.

Therefore, many thanks for watching everybody! Greatly appreciated support! Have good trading and all the best to you!

Information provided is only educational and should not be used to take action in the market.
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Great work my friend 🦐
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VincePrince plancton0618
@plancton0618, Thank you
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Somen78 VincePrince
@VincePrince, samrat 🔥🔥🔥🎂🎂
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Post your comments, questions, and ideas about ETHEREUM here.
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