VincePrince

Ethereum, Trading In Crucial Formation, These Are Possibilities!

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Hello Traders Investors And Community, welcome to this analysis where we are looking at ethereums 4-hour timeframe perspective, the recent events, the current formation and what can be anticipated from ethereum the next times. The resistance I mentioned ethereum had on daily timeframe perspective now confirmed properly as a strong resistance which established over years, therefore it was just normal that ethereum forms a downmove after touched in this area, if you did not saw this analysis already I highly recommend it to you by going on my account and look at the mentioned analysis, at the moment the big question now will be if this downmove is finished already or if there is coming more bearish pressure to the downside. In this case I detected some important signals which will determine the further outcomes of ethereum .

Looking at my chart you can watch there that ethereum established this rising trendline after it formed its preliminary lows since the breakdown, this trendline is marked in blue and the price is steadily climbing there, furthermore it has some healthy support at the 50-EMA which is marked in red, these two factors building up some bullish supports here, and when they are broken bearish pressure will enter, therefore, as the price is climbing currently the outcomes can be divided in two parts once it is the bullish case when ethereum manages to move above the strong S/R-Level you can watch marked in orange and the second one is the case when ethereum breaks below the rising blue trendline with a decisive move to the downside.

As ethereum showing some healthy upmoves and there is strong support which can hold and firstly needs to be broken to the downside which can take a hard approach the bullish scenario is more possible this will confirm when ethereum manages to close above the S/R-Level and confirm it has support with a possibility of 65 % otherwise when this does not happen and the level confirms as resistance the potential for further continuation to the downside is given, both scenarios are posssible after the proper confirmation has occurred, in the bullish case it is clearly above the orange level and in the bearish case with a decisive move below the blue trendline, although the immediate aggressive approach is also possible here the conservative would be definitely better as there has no further confirmation occurred yet.

In this manner, thank you for watching, support for more market insight and have a good day!
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Information provided is only educational and should not be used to take action in the markets.
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Comments

Thanks for the writeup. For sure agree with those levels, here is what we have for support and resistance depending on which direction this goes
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One correction to "Bearish confirmation 35% possibility"

Both possibilities mentioned bullish :)
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Post your comments, questions, and ideas about ETHEREUM here.
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