Welcome to this update-analysis about Ethereum , since the last analysis about Ethereum on the 12-hour timeframe I published Ethereum has shown up with the proper initial price-action as expected, if you did not saw this analysis already I highly recommend it to watch to have a full-depth-insight, now I am illuminating the more local timeframe the 6-hour timeframe as there are some imperative and essential things going on which are important to consider here as Ethereum approached the crucial back-up-zone as suggested it has to show up with the right price-action from here to consider any continuation further ahead, as the recent events have shown it is highly significant to do not underestimate the strong volatile movements within the cryptocurrency market to better anticipate them as these can also discover golden opportunities when done right as we have managed it.
As you can watch in my chart Ethereum now right away moved into the upper-boundary of the massive ascending-channel-formation marked in black, together with the ascending-trend-line marked in dashed black and the 20-EMA marked in red this is building a zone where Ethereum can manage to stabilize and move on with pace ahead to test the remaining resistances above, in this case it is from high importance that Ethereum manages to hold the structure likely as it is seen in my chart with a consolidational movement above it to gain strength and after that move on further, when Ethereum moves below this structure and below the blue back-up-cluster this will indicate a pull-back-extension and Ethereum will increase and continue with pressure till at least the 150-EMA marked in grey where below the lower boundary of the ascending-channel-formation is lying again that is the last meaningful reference-point of support as Ethereum will show up with great bearishness below, however this is currently not the most likely scenario, when Ethereum manages to stabilize above the blue cluster as suggested it will set up to form the final wave which will test the upper ranges anew.
Such swift movements like seen in Ethereum playing into the volatile market environment the cryptocurrency is and are necessary to discover within the right time as we have managed it, such movements can provide great opportunities with excellent outcomes when anticipated right however when this is not done and the market is speculated into one direction only as this is seen often these days such movements can end in the contrary and inexperienced traders end up opening unsatisfying trades, this is why we should be prepared on such changes in direction as we have conducted it within the channel. For now, we will see how the market is developing here and if the stabilization in the structure can show up as expected.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Trading effectively is about assessing possibilities, not certainties.”
Information provided is only educational and should not be used to take action in the market.
Look at the relation of ETH/XAU... At this pair we are at crucial resistance 0.23 oz of Gold per ETH coin:
What do you think? Will we break it?
BTW, Currently (November 8., 9:20) we are staking below 10% of needed ETH to ETH2 launch. And it's only 15 days left to November 23. So, the ETH2 launch could be delayed...