Welcome to this analysis about Ethereum , we are looking at the 2-days timeframe perspective, the recent events, the established formational structure, what we can expect the next times and how Ethereum can possibly form a new all-time-high within the schedule. Ethereum the last times completed this fundamentally important channel-breakout, showed up with great upside and also confirmed to the fractal-structures I mentioned previously finally emerging into the expansion-phase, now Ethereum I discovered the underlying determining structures that can prove worthwhile within the next times, therefore we are looking at all the important levels and likely perspectives ahead.
As when looking at my chart we can watch there Ethereum now fully formed the breakout above the upper boundary of the ascending-channel-formation marked in black in my chart, also important here is that it developed these coherent wave-counts with both wave E expansions to the upside above the channel. Now Ethereum is nearing its previous all-time-high-region formed within the 1420 level back in 2018, there are also important resistances lying and as Ethereum is in an overbought condition we can expect a first pullback to develop the next times which will also match to the wave-count Ethereum is trading within and which can be the determining source for a possible new all-time-high .
Ethereum is in a situation where it is about to test the remaining resistances that are more likely to produce an initial pullback firstly. This pullback will move on till there is support found for Ethereum to stabilize again which the upper boundary of the ascending-channel has good potential in this case, when Ethereum then manages to bounce within as it is marked in my chart this can be the origin of the new all-time-high to be formed that will establish when Ethereum moves decisively above the previous all-time-high-condition and also closes there at around the 1700 USD level, this is important to exclude a bull-trap possibility and fully confirm the breakout, it will be an interesting development ahead.
In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, all the best!
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Information provided is only educational and should not be used to take action in the markets.
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