Welcome to this update-analysis about Ethereum, we are looking at the 4-hour timeframe perspective, as mentioned in previous analysis the breakout below the dashed ascending-trend-line was an important factor in determining the next outcomes, this breakout now fully emerged as expected and as Ethereum now mingles in the structure I detected all the important levels and likely outcomes we should consider with Ethereums developments.
As when looking at my chart we can watch there Ethereum has now already tested the upper-resistance once where it pulled back bearishly, besides that Ethereum is still trading within this major wave-count to the downside with the wave C currently developing, as Ethereum has still strong resistance-layers above which also already confirmed we can expect the next moves forming and the wave C to the downside developing upcoming times. What is also important to consider here is the EMA-structure because when Ethereum emerges with bearishness to the downside the EMAs can also form a bearish-EMA-crossover with the 45-EMA in red crossing the 80-EMA to the downside, such mechanism will additionally validate the upcoming bearish movements. The major decision will come when Ethereum completed the wave-count because it will either stabilize within the lower-support marked in my chart or close below it, when Ethereum closes below this will activate the double-top-formation and lower targets will be pointed.
Currently, it is important to evaluate and realize the importance of the ongoing wave-count within the structure which will be the decisive source of further outcomes ahead. When Ethereum shows up with the further suggested determinations this does not mean Ethereum is completely bearish as there are still important supports lying on the way that can validate further potentials.
In this manner, thank you for watching the analysis, have a great day and weekend, all the best! "Prospect is the ingredient of good fortune."
Information provided is only educational and should not be used to take action in the markets.
Outlook: Expecting ETHEREUM to recapture its $637.90 high and beyond. Breaking above $595.50 is the next upside objective for the bulls. (Fist a Bullish Evidence)
Analysis: The break above $637.90 signals the second wave consolidation is complete, and the move puts ETHEREUM back on track to challenge the next upside hurdle. The bulls are in control while $480 - Wave ii - stays intact as support.
Bottom Line: A third wave rally is in its early stages. Subdividing higher within wave iii of (iii)
Note: Prices can vary between ETHEREUM exchanges. Consequently, there may be differences in our chart prices due to different data sets. Our analysis is for information only. We recommend that people avoid trading on unproven exchanges vulnerable to hacking and theft.