Welcome to this analysis we are looking at ethereums 1-hour timeframe perspectives, the recent events, the current formational structure and what we can expect the next times, ethereum has established some very interesting price-movements the last times and is building somewhat of a range where the next leg developing at the moment. In comparison to bitcoin it was a early adaptor of the move to the upside however now it is consolidating while bitcoin is showing higher highs in the smaller timeframes, this can indicate that the ethereum is moreover somewhat weaker at the moment and that the range building can hold longer than expected, in this case, we should not over speculate possible breakouts rather look how ethereum is developing here further, in fact, the there are some good opportunities in the shorter term as the channels within the structure confirming it, however these staying firstly in the short-term till there isn't a concrete direction where the journey will go at the end of the day, as the bigger picture still showing a more bearish sign this should not be kept by side here.
As you can watch in my chart ethereum is building this huge channel-formation with the consecutive wave-counts within it showing an accumulation channel at the lower boundary marked in green and a distributional channel at the higher boundary marked in red, these channels are the origins for the ABC waves as it is marked in my chart and now ethereum is forming the next ABC wave to the downside, the question is here how strong this wave will go and if the accumulational channel is strongly enough to back up in this zone otherwise the wave can also result in a extension when ethereum moves below the lower boundary, this hoever is currently not the most likely outcome. For now we need to see how this next ABC wave to the downside is developing and after that assess it anew, on the more middle term ethereum needs to show a breakout either to the up or downside of this huge channel, as ethereum has more resistance above the breakout to the downside should definitely be kept in consideration, otherwise ethereum needs to stabilize and show more bullishness that it is strong enough to take out the huge resistance substantially.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best! “There are many roads to prosperity but one must be taken.”
Information provided is only educational and should not be used to take action in the markets.