Support And Resistance:
Right now looking at my chart, there are some very fundamental measurements came I detected, which also shows a divergence to the major bitcoin . Firstly as you can watch in my chart ethereum just bounced at the local support line marked in blue which is support established by past price action and the fact that ethereum now bounced there a second time makes it a strong level, also the fact that this support line is above the pre-corona highs support-line makes it a solid zones which can be the origin for the next wave to the upside when ethereum manages to move above the upper boundary of its channel formation with a decisive move this can bring ethereum to higher levels in the structure as it is marked in my chart.
Channels And Formation:
Besides the recognization that ethereum has positive structure here the consideration of a breakout of the channel to the upside can bring ethereum into a really state, furthermore, it will also confirm the final wave 5 of the major wave count, the targets for this wave count when it manages to break above the upper boundary with a strong volatile move will be in the Fibonacci-structure marked in red in my chart this will complete the whole wave count and can be used for possible short entries in the structure, where a test of the upper boundary can remain, when ethereum shows up with this it has to be elevated how the reaction into the upper boundaries will look like.
In comparison to the major bitcoin we are facing a currency with ethereum which has a more dynamic structure at the moment, with the upper boundary already tested and trading above meaningful support levels this can also result into stronger movements, when ethereum shows up with it as suggested the targets will be activated and when these are reached a pull back to lower levels firstly can be expected. Currently the perspective decreases as ethereum did not manage to break below the remaining supports with its recent moves, this is why a stabilization and final wave setup can be more expected.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
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Information provided is only educational and should not be used to take action in the markets.