Ethereum, Channel-Formation Forming, Here Is What To Look At!

Hello, Traders Investors And Community, welcome to this analysis where we are looking at ethereum, the recent events, the current formational structure, what to expect the next times, what needs to fulfill in order for possible incoming confirmations and how to handle it in the right manner. Ethereum has provided similarly to bitcoin a longer-lasting sideways range in which it is factly still trading although it has shown some decent uptrends the last times, there are already ongoing unconfirmed biases in the structure need to be taken out, in comparison with bitcoin ethereum is definitely a stronger pair as it was already taken out the prior established highs and formed new ones which are firstly a good sign, furthermore I detected some other interesting signals important to look at considering further outcomes and ethereums destiny.

Looking at my chart you can watch there that ethereum has formed a huge ascending-channel formation marked in blue where it bounced at the lower boundary already several times and at the upper boundary only once therefore it is within the high possible spectrum that ethereum confirms the upper boundary as resistance when it is approaching like it is seen in my chart. When ethereum does this and moves to the downside it is important to establish support in the range, this can happen at the support-level marked in orange between 402.5 and 407.5, this level is highly important for ethereum to hold otherwise it can show increased bearish pressure with a fall below this level, when considering next outcomes and a healthy trend following ethereum needs to form a decent and solid bounce in this level.

When ethereum holds the support and moves higher again to the upper boundary as it is marked in my chart, it can either fail at this boundary again or move above it, when considering the confirmation above this can indicate a bullish continuation to higher levels and will actually be a great price-action-scenario when looking to open a position here. It is possible to just open a position in the range before the channel has even confirmed but this can result in a risky trade, therefore it is better to wait for the proper confirmation occurring before entering with a stop-loss below in the structure, it will be highly interesting how ethereum manages to go on further here and if the more likely bullish scenario plays out accordingly or ethereum falls below the support which we should not keep by side in this structure.

In this manner, thank you for watching the analysis, support for more market insight, all the best, and good weekend! ;)
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Information provided is only educational and should not be used to take action in the market.