Here Is Why And How Ethereum Can Reverse In The Structure!

BYBIT:ETHUSD   Ethereum / U.S. Dollar
Hi my friends,

Welcome to this analysis about Ethereum , we are looking at the hourly timeframe perspective. Since Ethereum has shown up with this strong protracted bearish volatility to the downside I discovered that Ethereum is forming quite an interesting formation that can be the determining source within Ethereums next destinies, for now, it has to be noted that there is potential for recovery however Ethereum has still strong resistance layers above which make the more global perspective certainly higher bearish , therefore I detected all the important levels and likely outcomes we should consider here within the established structure and the upcoming outcomes.

Structural Developments:
As when looking at my chart we can watch there the massive descending-wedge-formation Ethereum is building here marked in blue, besides that Ethereum has established this coherent wave-count within the formation with the waves A to C already completed, therefore the wave D will establish the next times which will run directly into the strong resistance-cluster marked in my chart in red, this cluster is likely to be the source of the next wave E to the downside as there are strong resistances lying consisting of the upper-boundary, the horizontal resistance and the 65-EMA in black therefore the wave E will build with a high likelihood after moving into this zone.

Upcoming Perspectives:
When the wave E emerges from the resistance-cluster within the near future this wave will finalize the whole wave-count within the formation and will run directly into the lower back-up-cluster marked in my chart in blue where the possibility for recovery is given when Ethereum manages to bounce within as it is marked in my chart, when such price-action shows up and Ethereum manages to breakout above the upper-boundary to close there and confirm it as support this will give the pace for a continuation to the upside and Ethereum will firstly test the upper resistance-zones which will be crucial as it will determine if Ethereum moves on higher from there or firstly pulls back to visit lower ranges anew.

In this manner, thank you for watching the analysis, have a great day and weekend, 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.
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