Welcome to this analysis where we are looking at Ethereums 12-Hour Timeframe Perspective, the recent events, the current formational structure, what we can expect the next times and how to possibly handle the situation appropriately. In comparison to the major Bitcoin Ethereum has established a longer-lasting sideways range while Bitcoin made a strong impulse to the upside and showing up with strong , this does not mean Ethereum can not follow up with it sooner or later, there is still potential given however Ethereum needs to show up with the proper price-action before considering any successive bullishness, till then the range still holding on which also means Ethereum can continue , in this case, I detected all the important levels and possible outcomes we should consider at the moment.
Looking at my chart you can watch there that Ethereum is now trading below the lower boundary of the huge ascending-wedge-formation where it also closed below the 45-EMA marked in blue which held the trend to the upside previously and is now resistance, this is why it is more likely that Ethereum continues with bearishness from here as it will have a hard time going above this serious resistance, this bearishness will continue till there is considerable support found that can reverse the whole dynamic again which will be in this case the dynamic-back-up-zone marked in blue in my chart where Ethereum can back-up and reverse the whole dynamic as there are coming the 200-EMA in red as well as the Fibonacci-levels together forming strong support and appropriate for a stabilization.
The next times will show how strong the continuation will establish and how Ethereum reacts to the dynamic-back-up-zone when this is showing up with not strong it will increase the possibility for a reversal in this structure otherwise when the is strong it is of high importance that the 200-EMA holds sustainable because when Ethereum moves below this it will continue with pressure till lower levels in the structure are reached. When Ethereum manages a proper bounce within the dynamic-back-up-zone it has some good potentials given for a continuation which will finally confirm above the 45-EMA as it is marked in my chart, it will be an interesting development.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.