Ethereum, Trading In Triangle, Trade Good When Confirmed!

Hello Traders Investors And Community, welcome to this analysis where we are looking at ethereums 4-hour timeframe perspective, the recent events occurred, the current formational-structure, what we can expect the next times and how we can prepare in order to take the appropriate action and at the end take profit out of it. The last days the cryptocurrency market noted high volatile movements to the upside where bitcoin and major altcoins like ethereum followed, these were good occasions so far to execute and make good profit in the elite channel, now as the market currently providing some interesting signals which can be worth to follow up with I detected some interesting signs within ethereums price-action which can determine further outcome.

As you can examine when looking at my chart is that ethereum is trading in this huge and massive triangle formation where the upper and lower boundary marked with blue in my chart, furthermore ethereum has some healthy support at the EMA-structure which is firstly the 100-EMA marked in dark-red, the 200-EMA marked in purple and below the triangle the 500-EMA marked in green. The 100- and 200-EMA marking a coherent support-cluster together with the lower boundary within the triangle where minimum a bounce is appropriate and highly possible. This can form another smaller triangle within the bigger triangle as you can watch it marked in my chart which can support the upside breakout in the right scale to confirm it rightfully.

Overall ethereum is forming a quite interesting formation here and has some decent opportunity possibilities currently developing, a final confirmation will occur when ethereum crosses above the higher boundary with a protracted and high volatile move to setup and confirm the upper boundary as you can watch it marked in my chart, although it is possible to enter a trade directly in the triangle when it is still not confirmed the best way would be here to wait on the proper confirmation before placing a trade properly as this gives a higher risk-preference also it is decreasing the bearish scenario which is very marginal at the moment but it is always good to look also into the reverse perspective.

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