Welcome to this update-analysis about Ethereum , we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. As Ethereum as expected managed to complete the wave-count within the massive channel and also show up with the last distribution to bounce within the Fibonacci-support and form the breakout above the upper boundary with the final breakout-validations, I discovered further signs that will be worthwhile upcoming times, if you did not see the former analysis I highly recommend it to watch as this is building a coherent follow-up to the past, therefore I detected all the important levels and likely destinies we should consider.
As when looking at my chart now we can watch there Ethereum now managed to bounce within the upper-boundary bullishly to the upside and besides that form this broadening-wedge-formation marked in my chart with the black boundaries in which it has established this wave-count already completing waves A to D in the schedule fully and is now about to develop the wave E that is likely to complete the whole broadening-wedge which will happen when Ethereum finally moves above the upper boundary of the and confirms it as support, such price-action will activate the upside-targets marked, this will also be the target-zone of the channel-breakout rightly matching with the broadening-wedge.
Ethereum is in a situation in which it developed strong formational validations with the proper confirmations happened and ongoing, this is a fundamental step for Ethereum to complete such determinations also on the more global perspectives. Currently, it is also important to distinguish Ethereum from other important Cryptocurrencies as not each is building such strong formational structures as is the case here. The next time it will be telling how Ethereum proceeds further and how it reaches the targets. When the target zones are reached it has to be elevated further if Ethereum manages to continue right away or firstly forms a reversal visiting lower level, it will be an interesting journey ahead.
In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
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Information provided is only educational and should not be used to take action in the markets.
As mentioned in the analysis when Ethereum completes the wedge and closes above the boundary the next likely target is 2000. Greetings.