Ethereum, Strong Channel-Breakout, Possible Continuation!

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at Ethereums 4-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to possibly handle the situation appropriately. Ethereum managed to form a strong breakout above the upper boundary of its descending-channel-formation with good volatility, such breakouts and volatile movements are often known to produce further continuations also when the price-action manages to confirm proper levels in the structure, in this case, Ethereum has some likely levels it can confirm before moving on further, therefore I detected all the important levels and likely outcomes we should consider with Ethereum and the established structure.

As looking at my chart you can watch there Ethereum just managed this strong breakout above the upper boundary, what is also important here is that Ethereum still holding above the 65-EMA marked in red which is a preliminary important EMA here that can also be measured for further supports. Now as Ethereum formed this strong breakout we can expect a pullback to happen which will lead firstly to the remaining supports in the range building up within the blue confirmational-cluster marked in my chart where several supports coming together consisting of the trend-line from the descending-channel, the Fibonacci-support lying there in grey and the 65-EMA in red altogether building the strong support where a bounce to the upside is likely to show up.

The upcoming times Ethereum needs to show how it manages a bounce from the suggested confirmational-cluster and moves further from there, when this bounce manages to stabilize sustainable Ethereum has good potentials when it manages to take out the resistance marked in blue also where it will point to higher levels in the structure, taking these mechanisms into consideration it is from high importance that Ethereum holds the 65-EMA substantially and do not falls below this EMA again because this can possibly invalidate continued bullishness, for now it will be important how Ethereum develops and how it will point to the next steps ahead, it will be definitely an interesting journey.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.