Ethereum, Bullishness Decreases, These Are Next Steps To Assess!

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Hi my friends, Welcome to this analysis where we are looking at Ethereums 4-hour timeframe perspective, Ethereum is currently forming quite a similar formation compared to Bitcoin where it is also trading in this preliminary ascending-channel-formation with the coherent wave-counts within. Now as there are some similarities there are also differences that need to be elevated in order to assess the market in the proper manner as there are divergences in spread existing. The current decrease in bullishness does not mean Ethereum is completely bearish here however there are some important levels to hold and bounce in order to consider any bullish continuations further, therefore I detected the important levels and possible outcomes we should consider with ethereum at the moment.

Looking at my chart you can watch there this strong ascending-channel-formation and the touch and pullback of the upper boundary, this was the initial pullback for ethereum and now it is struggling to form new highs in the structure, also this touch and pullback of the upper boundary ended the wave-count coherently. All these factors playing into a higher possibility that Ethereum will continue with its pullback till there is serious support found which will be in this case the 55-EMA marked in red in my chart and also matching together with the middle-line building a solid basis for possible recovery after Ethereum has visited this area.

Overall it is necessary that the first supports within EMA and middle-line hold to consider a healthy recovery possible in this levels, when this does not show up and ethereum does not manage to bounce properly here this can end up into a pull-back-extension within the zone marked in my chart where ethereum will extend the current pullback and visit the lower levels given by the lower boundary, this level will be absolutely crucial for ethereum to establish a bounce and back-up otherwise when this does not happen and ethereum falls below the lower boundary it will increase bearish pressure and lower levels can be expected, therefore we should not keep the bearish perspective out of sight here and be prepared, it will be interesting to watch how ethereum will develop further here.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"Trading effectively is about assessing possibilities, not certainties."

Information provided is only educational and should not be used to take action in the markets.
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