Welcome to this update-analysis where we are looking at Ethereum 2-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to possibly handle the situation appropriately. Ethereum confirmed the significant confirmational-cluster I mentioned in the previous analysis to the upside, this move also confirmed the descending-channel-formation properly and activated the next targets to be reached, if you did not saw this analysis already I highly recommend it to watch to have a full-depth-overview. Now there came some other very important signs into the structure which I detected are necessary at the moment to consider with Ethereums structure and ongoing determinations.
When looking at my chart you can watch there Ethereum just about to test the upper resistance marked in blue within the 420 level where it already bounced bearishly in the past, now as this level approaches Ethereum this price-action is matching to another very decisive formation here which is the cup-and-handle Ethereum is forming and where the Cup is about to complete with the pullback from the upper resistance, this will lead to a testing of the lower levels and the EMA-structure marked in my chart, when Ethereum manages to bounce to the upside from here and form further bullishness in the structure this can just form the handle which can be the completion of the whole cup-handle-formation finally.
The handle is likely to form with a bounce from the dashes descending-trend-line marked in my chart which is also important to hold here and not fall below this line again because this can possibly invalidate the formation however when Ethereum manages to bounce within this line and forms the handle properly this can lead to the final breakout above the upper resistance as it is marked in my chart when Ethereum shows up with such price-action it will activate even higher targets in the structure and is likely to exaggerate bullishness, for now we need to elevate how the whole formation completes and how the handle forms sustainably, it will be definitely an interesting journey.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.