Ethereum, Approaching The Ranges, Important Considerations!

Hi Traders Investors And Community, Welcome to this analysis where we are looking at Ethereum 6-hour timeframe perspectives, Ethereum is trading within its huge parallel-channel-formation now for a longer time and as the upper boundary of this channel recently confirmed a new time bearish to the downside it is still a strong resistance lying there which should not be kept by side here as there is also the 50% Fibonacci lying, this structure looks differential to the one forming in bitcoin as the resistance is more nearer to the price-action and the upper resistance, therefore, flatter, taking these important measurements I have detected the important levels and likely outcomes we should consider here at the moment and currently we should not underestimate the strong resistance layers lying above in the structure which can be determined for the next outcomes.

When looking at my chart you can watch there that Ethereum is currently approaching this ascending-trend-line marked in red which is resistance formed by the previous price-action, as mentioned by me already in past analysis Ethereum build also this formation there with the lower line of resistance forming, therefore this red line is an important reference point of resistance here and it is coming together with several other resistances upper in the structure, the upper boundary of the channel as the main resistance and also the point of control of the volume profile building together this strong resistance-cluster marked in my chart with the red box, when Ethereum approaches this level it will form most likely a pull-back in this area as the price will have difficulties to advance higher from there a pullback can be highly likely expected within this imminent level.

The next times Ethereum needs to show if it has the strength to still hold the 60-EMA marked in grey in my chart where it has support when this EMA does not hold this can lead to the first pull-back-scenario as it is marked in my chart and then finally into the pull-back-extension, however when Ethereum has the strength to hold this support it has the final rooms to move higher in the structure which will lead into the resistance-cluster and form the second pull-back-scenario to be considered, currently these two scenarios should be expected and when Ethereum moves below the blue support line it will continue with the pull-back-extension into the lower boundary which will form the major wave D in this whole structure as it is marked in my chart, from that point on it has to be elevated if the lower boundary holds sustainable or more bearish pressure enters further ahead.

In this manner, thanks to everybody watching the analysis, great contentment for support, have a good day and trading, all the best!
"Forecast is the ingredient of good fortune."

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