Hello Traders Investors And Community, Welcome to this update-analysis where we are looking at Ethereums weekly timeframe perspective, as Ethereum has formed the breakout above the channel already on the smaller timeframes this lie ground for the next developments on the weekly also, besides it should not be kept by side here that Ethereum already formed this massive broadening-wedge-formation and moved to test the upper boundary of its ascending-channel-formation, now it is important that Ethereum holds the strength within its established structure to finally approve a breakout above the boundary pointing to next the expected targets because without this final breakout it will unlikely emerge, therefore I detected the important levels and outcomes we should consider with Ethereum and its upcoming destinations.
When looking at my chart you can watch there that Ethereum is still holding above the 20-EMA and above the trend-line formed there marked in dashed grey, this level together with the upper boundary of the ascending-channel-formation forming the coherent triangular-cluster-formation marked in orange with the red lines in my chart where a price-development to gain strength before the final breakout can be expected. This upward-sideways-movement can then form the third major wave within the wave-count before showing up with the final breakout wave 5, in this structure, it is highly important that Ethereum really holds the 20-EMA and does not fall below it and close there because such a mechanism can increase the bearish pressure and will first point to lower levels in the structure, the 20-EMA hold is a very important reference point here.
Next times we will see how Ethereum manages to develop the major wave 4, this can show up with an ongoing wave-count as it is marked in my chart with testing the upper boundary and after that testing the lower boundary again till it is completed and the breakout can show up, when the breakout shows up it will point to the broadening-wedge-target-zone marked in red which is not only the target of the broadening-wedge but also of the triangle-cluster-formation. Besides that, the fact that Ethereum as the only currency did not visit the pre-corona-highs again and holding above it makes it a more strong structure to develop further as in comparison with Bitcoin it visited these pre-corona-highs again, therefore Ethereum has formed a good structure here and now it is the time to also move on further and show up with the necessary steps as mentioned leading to the final outcomes.
In this manner, thank you to everybody for watching, have a good day and weekend as well as good trading, all the best! "Good luck is when opportunity meets preparation."
Information provided is only educational and should not be used to take action in the market.
The ascending triangle is a logical observation of the chart, however, I suspect that ETH may be influenced by external actions such as moving closer to the year end, the presidential election, the movement of Bitcoin, as well as the fact that data has just been released that ETH will reach record heights in yearly transactions, which will surpass BTC. Of course the release of ETH 2.0 may influence things, but one never knows "when" it will be released and "how well" it will work ? Of course none of these matters are of any value to "pure" technical analysis, as fundamentals don't come into the equation ? So, in any event, I'm going to put the $442 mark on my computer screen and keep a watch on things, as ETH represents a sizable portion of my crypto bag .
Ward Weaire
Toronto, Canada
International Association for the Advancement of ETH and the President of the 2021 Dating Committee for Vitaly Dmitriyevich "Vitalik"
VincePrince
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Post your comments, questions, and ideas about ETHEREUM here.
UnknownUnicorn100937
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ETH has been lagging recently. If we don't see some serious action soon, I think your April 2021 target scenario might be in play. Good analysis. Thanks for sharing.
Ward Weaire
Toronto, Canada
International Association for the Advancement of ETH and the President of the 2021 Dating Committee for Vitaly Dmitriyevich "Vitalik"