Ethereum, Trading In Channel, These Are Possible Destinations!
Hello Traders Investors And Community,
Welcome to this analysis where we are looking at Ethereums 4-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. Ethereum is since a long time moving in this ascending-channel-formation where it already tested several times the lower boundary and also formed this coherent wave-count within the whole channel, besides that it has this strong-resistance-line lying there which it severely confirmed bearishly to the downside, a new touch of this trendline will likely result in a bearish pullback to the downside, this pullback can be the final origin of the formation confirming to the downside and the ascending-channel forming into a confirmed bear-flag when Ethereum then crosses below the magic 180-EMA it is likely to continue bearishly further in the structure.
Currently, the bearish breakdown can be expected as the wave-count also already completed and there are strong resistance layers above as suggested, there is however a possibility to invalidate this immediate bearish breakdown which does not mean it can not happen sooner or later, this will show up when Ethereum firstly moves above the strong-resistance-line and closes there to move higher from this standpoint resulting into a wave-E-extension, however, Ethereum will have a hard time going above this resistance and the pullback from there is much more likely. When Ethereum then confirms within the bearish-continuation-zone with a decisive volatile bearish move it will continue to the downside till the lower-back-up-support is reached where stabilization can be considered, currently, it is important how Ethereum reacts within the resistance-zone and furthers from there.
In this manner, thank you everybody for watching, have a good day as well as good trading, 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 market.
Welcome to this analysis where we are looking at Ethereums 4-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. Ethereum is since a long time moving in this ascending-channel-formation where it already tested several times the lower boundary and also formed this coherent wave-count within the whole channel, besides that it has this strong-resistance-line lying there which it severely confirmed bearishly to the downside, a new touch of this trendline will likely result in a bearish pullback to the downside, this pullback can be the final origin of the formation confirming to the downside and the ascending-channel forming into a confirmed bear-flag when Ethereum then crosses below the magic 180-EMA it is likely to continue bearishly further in the structure.
Currently, the bearish breakdown can be expected as the wave-count also already completed and there are strong resistance layers above as suggested, there is however a possibility to invalidate this immediate bearish breakdown which does not mean it can not happen sooner or later, this will show up when Ethereum firstly moves above the strong-resistance-line and closes there to move higher from this standpoint resulting into a wave-E-extension, however, Ethereum will have a hard time going above this resistance and the pullback from there is much more likely. When Ethereum then confirms within the bearish-continuation-zone with a decisive volatile bearish move it will continue to the downside till the lower-back-up-support is reached where stabilization can be considered, currently, it is important how Ethereum reacts within the resistance-zone and furthers from there.
In this manner, thank you everybody for watching, have a good day as well as good trading, 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 market.
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