Ethereum, Approaching Resistance, Bigger Pull-Back Awaiting.

Hello, Traders Investors And Community, and welcome to this analysis about ethereum and its actual important price-action and formation building. We are moving in a steady but weakening up-trend like many other cryptocurrencies the momentum gets slower which means we can get minimum a pull-back/correction with a higher possibility. We are looking at the daily chart and there are some important signs and signals I observed which should be recognized in the further schedule. I also recommend that you look on the smaller time-frame analysis I made about ethereum which you can see when going to my account and click on the analysis I published about ethereum to have a full-depth-overview.

Actually ethereum is holding above the 400-EMA as you can see in my chart marked in orange it is an important point in the structure and when we fall below it the bias changes merely overall to bearish, but the fact that we are consolidating above it makes it more bullish than bearish therefore we can expect a continuation on the short-term-basis here if we succeed to trade above it. On the other term, it is important to keep in mind that we have still resistance above which is very important here and shouldn't be ignored, once it is the falling blue trend-line and also the resistance we had built in past trends seen the last year, therefore we can expect ethereum to respect these levels and don't blast above resistance as this is also always rare and unnormal.

The next logical step will be minimum a correction as we are approaching higher and the market gets overbought! As you can see as ethereum approaching the higher resistance we can expect a pull-back to the 100-EMA in blue, where we have a good possibility that we will get a bounce there, when this bounce is not strong enough and the level cant beholds, we can also fall lower at least to the 61.8 % Fibonacci-support which you can see in my chart at the 151.65 price-level. At all the underlying trend looks more bullish and we have some good support areas on the way down which we need to test as valid and than according to the situation confirm them.

In the long run, the possibility for a move above the blue falling resistance line is given and there will be several targets in play but first, we need to see how heavy the correction will be and if we can recover from it or not, there are many people who call for the moon directly but that is an illogical approach! The trend and the overall price is never straight into one clear direction and there are always many different factors, possibilities, and anticipations which need to be taken into the calculation to get an overall perspective of the underlying price-structure, therefore it is highly important that we elevate ourselves above the mere speculation practiced in these times, this is what a wise trader should always keep in mind.

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Knowing the market is inconsistent is the beginning of all wisdom.
In this manner: FAREWELL

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