Ethereum, Wedge-Formation About To Complete, Important Levels!
Hi Traders,
Welcome to this update-analysis about Ethereum, we are looking at the hourly timeframe perspective. As mentioned in the previous analysis Ethereum is about to build this major ascending-wedge-formation in which it almost already completed all waves within the schedule and advanced with the last wave since the last times, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. Now I discovered other worthwhile signs within the established structure determining the next outcomes for Ethereum, in this case, we are looking at all the important levels and likely outcomes we should consider here.
As when looking at my chart now we can watch there Ethereum has emerged with the final wave E within the wave-count and is about to complete the local wave-count as well within the current schedule in which it formed the waves A to D already and is now setting up for the final wave E within the structure that will run directly into the upper-resistance-cluster marked in my chart in red, when Ethereum reaches out within this level a bearish pullback is indicated and the possibility for this is high as Ethereum has strong resistance lying within this zone, this is why we should consider the pullback-possibility and do not underestimate it.
The next times when Ethereum moves on with the further alignments and completes the wave-count it will be a crucial dynamic when Ethereum finally moves below the lower boundary of the formation to close there as such price-action will complete the whole ascending-wedge-formation and activate bearish pressure with the pointing of lower levels to be reached. Also important to note here is that Ethereum is one of the higher volatile currencies these times increasing the possibilities for fake breakouts and bull-traps within the structure, in any case, it has to be elevated how Ethereum continues with this dynamic within the range and how it completes this formation further.
In this manner, thank you for watching the analysis, have a good day and of course 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.
Welcome to this update-analysis about Ethereum, we are looking at the hourly timeframe perspective. As mentioned in the previous analysis Ethereum is about to build this major ascending-wedge-formation in which it almost already completed all waves within the schedule and advanced with the last wave since the last times, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. Now I discovered other worthwhile signs within the established structure determining the next outcomes for Ethereum, in this case, we are looking at all the important levels and likely outcomes we should consider here.
As when looking at my chart now we can watch there Ethereum has emerged with the final wave E within the wave-count and is about to complete the local wave-count as well within the current schedule in which it formed the waves A to D already and is now setting up for the final wave E within the structure that will run directly into the upper-resistance-cluster marked in my chart in red, when Ethereum reaches out within this level a bearish pullback is indicated and the possibility for this is high as Ethereum has strong resistance lying within this zone, this is why we should consider the pullback-possibility and do not underestimate it.
The next times when Ethereum moves on with the further alignments and completes the wave-count it will be a crucial dynamic when Ethereum finally moves below the lower boundary of the formation to close there as such price-action will complete the whole ascending-wedge-formation and activate bearish pressure with the pointing of lower levels to be reached. Also important to note here is that Ethereum is one of the higher volatile currencies these times increasing the possibilities for fake breakouts and bull-traps within the structure, in any case, it has to be elevated how Ethereum continues with this dynamic within the range and how it completes this formation further.
In this manner, thank you for watching the analysis, have a good day and of course 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.
Comment:
Origin-Analysis:
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