Ethereum, Moves In Crucial Zones, How A-T-H Test Can Establish!

Hello my friends,

Welcome to this update-analysis about Ethereum, we are looking at the weekly timeframe perspective, the recent events, the current formational structure, and what to expect in the upcoming times. Ethereum managed to form this major breakout above the upper boundary of the massive channel and above the boundary of the triangle to show up with this great wave-count established, this wave-count is now running directly into the strong resistance layers I already mentioned in the previous analysis, if you did not see the analysis already I highly recommend it to watch to have a full-depth-overview, as Ethereum is approaching these zones I detected the important levels, likely outcomes and how Ethereum can manage an all-time-high-test sooner or later.

As when looking at my chart we can watch there Ethereum is now completing the wave-count to the upside and is directly running into this broadening-wedge-target-zone marked in my chart in red where not only the broadening-wedge targets lie but also strong horizontal resistance and Fibonacci-resistance making it a zone with a pullback highly likely to emerge, it is unlikely that Ethereum directly moves above the 800 level as there is just too much resistance lying, therefore, we should be prepared on the initial pullbacks moving on from here, these pullbacks will protract and continue till there is support found that can reverse the whole dynamic again and where Ethereum has the abilities to recover to back-up and test the remaining resistances anew.

Taking all these factors into considering the next major support after Ethereum has shown up with the bearish pullbacks is within the back-up-cluster marked in blue in my chart where several supports lying and Ethereum has therefore the given circumstances to bounce and move on, in this case, when Ethereum has the proper strength this will lead to the testing of further upside resistance firstly within this established resistance and when Ethereum finally manages to move above also the testing of the previous all-time-high as it is marked in my chart. Taking these prospects into consideration it is important that Ethereum does not show up with increased bearish signs that can invalidate these significant tests again.

In this manner, thank you for watching the analysis, have a good upcoming Happy New Year's Eve, many thanks for all people supporting this year, all the best!
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the markets.