Ethereum, Develops Triangle Near A-T-H, Decisive Scenarios!

Hello Traders Investors And Community,

Welcome to this analysis about Ethereum, we are looking at the 12-hour timeframe perspective, the recent events, the current formational structure, and what we can expect within the upcoming times. Ethereum has formed some very strong bullish movements to the upside almost exaggerating and protracting the bullishness into near the all-time-high regions. Now Ethereum is building a decisive triangle as I discovered that will be worthwhile within the next determinations and it is important to look for the proper validations with this triangle, therefore I detected all the important levels and likely outcomes we should consider with Ethereums established structure and the upcoming movements ahead.

As when looking at my chart we can watch there how the bullishness is still holding above this first supportive trend-line marked in my chart in blue which is also matching with the 30-EMA support lying there marked in red in my chart, now Ethereum is building this triangular-cluster-formation above these supports marked in my chart in orange together with the upper boundary of the formation in a lighter black, this triangle will be the decisive point here and it will be important how it confirms finally either to the up or downside. The next time we can expect Ethereum to move on and test the lower boundary of the triangle anew with the coherent wave C of the wave count in the structure.

Taking these factors into consideration it will be determining how Ethereum moves on after it completed the wave C within the wave-count in the triangle, overall the bullish confirmation will develop when Ethereum finally moves above the upper boundary and closes there to stabilize and move on further, the bearish confirmation happens with Ethereum closing below the first supportive trend-line, the 30-EMA and within the bullish-invalidation-zone. For now, it will be necessary to elevate one of these scenarios however as Ethereum has still strong resistance within the structure and as it moved into an overbought condition the bearish scenario has a slightly higher possibility which can also increase within the next times.

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.