Ethereum, Near All-Time-High, These Are Decisive Levels!

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Hello Traders Investors And Community,

Welcome to this analysis about Ethereum , we are looking at the weekly timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Ethereum the last days, weeks and months has formed this ascending-channel-formation where the breakout fully emerged with the bullish volatility moved to the upside, this was a first step in acquiring a solid bullishness for Ethereum and as Ethereum is now really near its previous all-time-high it will be a crucial development of how a new all-time-high possibly established within the future times, therefore I detected all the important levels and likely outcomes we should consider here.

Structural Developments:
As when looking at my chart we can watch there how Ethereum is trading near its all-time-high previously established in January 2018, on a more local perspective Ethereum has still strong resistance in this zone this is also why we have seen this downside price-action last times. Furthermore, Ethereum is developing this massive wave-count to the upside with the waves A to C almost already completed in the structure and the wave D to develop within the next times. When looking at the channel situation there is strong support given within the upper boundary of the channel where several supports are lying coming all together in this confirmational-bounce-cluster and consisting of the EMAs and upper-boundary also.

Upcoming Likelihoods:
Ethereum is in a situation where it is trading near its all-time-high previously established, the last time Ethereum visited this price-zone it has shown up with a long and protracted downtrend almost exaggerating into the oversold conditions and lower levels, in the current situation it is from high importance that such a huge downtrend does not establish anew and taking it further Ethereum needs to confirm the confirmational-bounce-cluster as sustainable support because when moving below it this can lead to a second protracted downtrend however when Ethereum manages to bounce in the structure and finally move up higher this will lead to a great new all-time-high and also further bullish potentials ahead.

In this manner, thank you for watching the analysis, have a good day and of course 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 markets.
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This time I think you spot on. Thx for sharing!
The way I reading your analysis, it is only necessary for Ether price to confirm the confirmation-bounce-cluster if huge downtrend is established. Therefore, the price action may continue upward without reaching the bounce-cluster as shown on your chart. Is that correct?
That would mean something like a 60% correction or even more from the recent highs? That would basically mean it is out of bull market no?
Ether2020 bobovicz
@bobovicz, In my opinion that depends on the timeframe. On the very long timeframe it is still a bullmarket even with 60% correction. But it changes completely on the timeframe you are trading. Always good to have the long term picture even when you trade small timeframes.
James932929 bobovicz
@bobovicz, Yeah, he's normally pretty good, but i think he's been on the acid this week, with this lol.
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