Ethereum, Head-Shoulder-Formation, Decisive Determinations!

Hello,

Welcome to this analysis about Ethereum and its 2-hour timeframe perspectives. Since Ethereum moved to the upside it created an initial overbought condition and recently also already firstly pulled back which can be the sign and set up for a continued correction, in this case now I discovered an interesting formational structure with its technical elements worthwhile to look at. As when watching my chart now we can watch there how Ethereum emerged with this main head-and-shoulder-formation of which the left shoulder and the head already completed, now Ethereum is about to finalize the right shoulder which will also finalize the whole formation, this will happen when Ethereum continues to bounce off the descending-trend-line marked in red in my chart, Ethereum has also a horizontal-resistance as well as Fibonacci-resistance in this level this is why the continued pullback has an increased likelihood. Once this happened the whole head-shoulder-formation will be completed with a bounce below the neckline as seen in my chart, in this case, it is highly necessary that the bounce occurs on increased volatility and at best volume. The whole formation can also invalidate when Ethereum instead of breaking down stays above the neckline to consolidate and breakout above the descending-trend-line, therefore it is necessary to await the confirmations here, once this happened the targets will be activated.

In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!

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