Welcome to this update-analysis about Ethereum, now we are looking on the more locally 12-hour timeframe perspective as I discovered important signs necessary to consider for Ethereums upcoming outcomes. Since previous analysis Ethereum managed to confirm the upper-resistance as the short-zone and after that bounce properly within the back-up-cluster till the point it is trading now, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview, now as this meaningful price-action has shown up here I detected the important levels and likely outcomes we should consider at the moment and upcoming destinies ahead.
When looking at my chart you can watch there Ethereum is actually now at the point where the resistance confirmed and Ethereum showed up with the strong downside price-action, as this resistance is now tested it is more likely for Ethereum to firstly show some pullbacks from here validating the support in the structure which Ethereum has within this grey ascending-trend-line, the 25-EMA in red, the 35-EMA in green and also importantly Fibonacci-levels lying within this zone as well marked in my chart with the blue back-up-cluster, overall this is a good zone for Ethereum to bounce within and when this bounce is strong enough Ethereum has the potential to move on and test the upper-resistance again when the bullish pace can hold within these tests this can lead to a strong upside-breakout as it is marked in my chart where Ethereum closes above the upper-resistance and activates upside-targets, taking this into consideration it is highly important that Ethereum does not fall below the back-up-cluster because this will invalidate the breakout firstly and Ethereum will move on to test lower levels in the structure. Ethereum has established some very interesting formational structures here and now it is time for Ethereum to show how these can develop, when the suggested scenarios play óut as expected this can move to some great bullish possibilities ahead, for now, it is important to keep patient and wait for the proper confirmations developing under the circumstances.
In this manner, thank you for watching the analysis, have a good day and also good trading, all the best! "There are many roads to prosperity, but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
Was most def thinking the same as @Aziz.elliot regarding the double-top, but doesn't matter causes I'm sure we all will be BTFD. Got to bag all the ETH we can @ these discounted levels lol.
PolarHusk
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That is good potential support area 🐻❄️🙏😊😃
GandalfTheBitcoinWizard
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@VincePrince If BTC does a pullback to 14k (not guaranteed of course), how far would ETH likely pull back in your opinion?
ich1baN
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Your pattern down before heading to the $650 region you have circled is an ABC pattern, correct? (I'm not a big Elliot wave follower) ... but I have noticed your counts have been pretty accurate from time to time so I am paying closer attention now.
azizelliott
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Hope that doesn't turn into a Double Top. 😬
VincePrince
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Post your comments, questions, and ideas about ETHEREUM here.