Ethereum, Trading In The Channel, Next Destinies To Consider!

Hi my friends,

Welcome to this analysis about ethereum and its 12-hour timeframe perspective, which is showing quite some interesting signs the last times. As it has shown recently some bearish action to the downside testing the preliminary lower boundary of its channel the bullish scenarios may not be over yet, however ethereum needs to fulfill important mechanisms to come up with and there are definitely stronger pairs the last times to consider, nevertheless, ethereum has some potentials given when it shows up with the proper price-action.

Looking at my chart you can watch there ethereums current ascending-channel marked in blue where it has this strong resistance lying showing up in red in the volume profile this was also the origin of the last volatilities and it is currently still a strong resistance which ethereum needs to take out sustainably when considering any further bullishness and approach of higher levels, it is important how ethereum reacts coming into this level and when a consolidation there is seen with stabilization above the lower boundary the possibilites for a breakout above the resistance increase, when this happens we can expect ethereum to move to the higher levels and test remaining resistance in the structure, otherwise when this does not happen and ethereum shows heavy bearishness in this resistance to close below the lower boundary this will come around with increased bearish pressure to the downside and lower levels to be visited.

In comparison to another cryptocurrency like bitcoin it has to be stated that ethereum is currently still below the previously established highs while bitcoin moved already above them, this plays into the consideration that the divergence between the coins increases and that we should look for the stronger pairs when looking for something on the long-side, as ethereum has shown great volatility in the last time especially in the last bull market this can increase again however there are stronger pairs at the moment to show up with in the schedule.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!

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