Ethereum Moving In Upward-Channel, Here Is How We Can Continue!

Hello, Traders Investors And Community, as many cryptocurrencies had a massive bull-run the last days we see them correcting now which is a normal and natural sign to the huge volatility we have seen before therefore we see some interesting and significant signs currently in ETHEREUM which is trading between resistance and support and looks like it forming a decent range at the moment. Normally after such range building and consolidation-period, we can expect a heavy breakout to the up or downside.

Currently, ethereum touched the lower range support which you can see marked in my chart with the orange box, this zone is between 205 and 208, what is also important here is that it is building a confluence zone with the up-trend line you can see in my chart marked in blue which serves as a significant rising support-level for further trend-development. Ethereums price at the moment is approaching the middle-line in blue of the huge upward-rising-channel which had its origins right at the beginning of the whole up-trend so its need to be said that this is a meaningful channel for ethereum and when it is broken to the downside the whole bias changes with a high possibility to the downside that is why we need to hold the whole channel to develop further upward movement.

After we have touched the middle-line of the rising channel I expect a correction back to the lower range support which serves as the strong support point in the structure and we will get highly likely a bounce in this area. When looking to the roof we can see the upper range resistance which will be confirmed when ethereum visits this area. It is within the possible range that we will get a consolidation-phase in the overall range ethereum is currently forming. After the consolidation has formed I see a high possibility for a breakout and continuation to the upside as ethereum has currently many support levels in this range, like the upward-rising-channel, the orange support level and the rising support-line which formed in previous highs that already exceeded.

Alright it will be exciting how ethereum develops the next time, remember that the bearish scenario only confirms when we break the upward-rising-channel to the downside and close below support, this will be after falling to 200 but currently, this is not the highest possible scenario, it is more likely that we will see first the consolidation in the range and after that a breakout. Friends always wait until the proper scenario has confirmed rightfully otherwise it is like buying the cat in the bag, we need to elevate ourselves about mere speculation and trade the possible setups with the needed confirmation.

Thanks you everybody, have a good weekend and feel free to support for more insight. ;)
"I wait until the money is ready and I just have to go there to pick it up.
In the meantime, I do not do anything."
FAREWELL

Information provided is only educational and should not be used to take action in the markets.