Ethereum, When This Formation Completes Continuation Follows!

Hi my friends,

Welcome to this analysis about Ethereum, we are looking at the 1-hour timeframe perspective. As Ethereum the last times showed up with paramount bearish movements to the downside evaluating an overall bearish pace it recently found some marginal supports within the structure, it was great for us within the channel to secure our initial profits on the short-side and now as Ethereum is forming some highly interesting formational structures in its current situations there are significant signs I detected which will be the determining source upcoming times, therefore we are looking at all the important levels and how the formation Ethereum is forming has the possibilities given to finally complete upcoming times.

Structural Developments:
As when looking at my chart we can watch there how Ethereum at the moment builds this decisive ascending-channel-formation marked in my chart in blue where Ethereum formed the coherent wave-count within the formation already finalizing waves A and B within the wave-count and now developing the final wave C which will run directly into the upper strong resistance-cluster where several resistances coming together defined by the 200-EMA in blue, the 100-EMA in black, the descending-resistance-line and also the horizontal-resistance lying there making this zone a highly probable zone to show up with the bearish pullback which will complete the whole wave-count and show up with the further conclusions.

Upcoming Perspectives:
Ethereum is in a situation where it has these strong resistance layers above with the logical wave-count to complete. The pullbacks likely to emerge from the upper-resistance will firstly test the lower-boundary of the channel, when this lower-boundary does not hold and Ethereum moves below it decisively to close below the boundary this will complete the developed channel-formation as a bear-flag and lower-levels as well as bearish pressure continuations will be activated, the final confirmation will set-up when Ethereum closes below the lower-boundary and after that pulls back again from the breakout-origin, such price-action will move bearishly further within the bearish-continuation-zone and point to lower targets minimum at 495, depending then on how strong the breakout will be the market situation has to be elevated anew if there comes a possible reversal or continuation when the minimum targets are reached.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
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Information provided is only educational and should not be used to take action in the markets.