ETHEREUM, Potential Channel-Breakout Incoming!

Hello,

Welcome this analysis about Ethereum and the 4-hour timeframe perspectives. Ethereum since showing up with its heavy bearish encounters to the downside has managed to hold the support above the 3200 USD mark and as I discovered now Ethereum is developing a potential setup for an appropriate upside-channel-breakout. Therefore, as when looking at my chart now we can watch there how Ethereum emerged with this descending-channel-formation in black above the main ascending-trend-line in blue, in this formation Ethereum has developed the coherent wave-count and already completed the initial waves A to C. Now when Ethereum manages to hold this structure properly and build up with bullishness further this will lead to a breakout above the upper-boundary and such a breakout will mark the origin for the further continuations to the upside, especially it will be the source of the main wave-C-extension. Once this happened Ethereum will move on to approach the 3775 USD level marked in my chart from where the situation needs to be elevated anew, either Ethereum manages to hold these ranges or comes up with a pullback which would not be unlikely in this case as there is also resistance in the structure.

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