Ethereum, Channel As Expected, These Levels Important Now!

Hi my friends,

Welcome to this update-analysis where we are looking at Ethereum and its 4-Hour timeframe perspective, Ethereum has now shown some important signs expected it will do, as it formed the third major wave the C wave after bouncing from the accumulational channel it has now recently visited the distributional channel and tested it, this was an expected move to come, if you did not see this analysis I highly recommend to watch to have a full-depth-overview, now it is a big question either Ethereum forms the pullbacks as they are seen before after touching this channel or if these pullbacks do not show up this heavy indicating a possible breakout out of the channel. In this case, I detected the necessary levels and possible outcomes we should take into consideration for Ethereum's next moves to come.

Structural Development:
looking at my chart you can watch Ethereum now forming a quite similar development price-action as it was already seen before in this channel within the major wave A where Ethereum firstly tested the upper resistance and distribution range before beginning to struggle there and do not get above it, the very similar dynamic is now taking place within the major wave C also. There are still several levels of resistance in this level, not to mention the Fibonacci-resistance coming together with the distributional-channel overall making this range a possible pullback zone when the price does not manage to move above this level and also falls below the dashed upper-support-line which is similar forming to the first one where the price struggled above to finally move below and confirm further bearishness to continue.

Considerable Outcomes:
The next times we can expect Ethereum minimum to test the dashed upper-support-line marked in my chart in black which is similar to the first one, this will be the reference point of support and when it is broken it Ethereum will continue to visit the bearishly lower levels as it has done before, the other case which is important to watch here and which can possibly safe Ethereum from the bearish perspective is when Ethereum manages to hold this upper-support-line and does not fall below it, in this case, Ethereum can gain strength in this range to finally approve a possible breakout above the upper resistance, in this case, it is important that this will form into a decisive move above the distributional-channel to continue with this pace.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"Trading effectively is about assessing possibilities, not certainties."

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

Comment:

Initial Analysis: