Welcome to this analysis about Ethereum , we are looking at the 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 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.
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.
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 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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