Ethereum, Testing Remaining Levels, Continuation When Confirmed!
Updated
Hello Traders Investors And Community, welcome to this update-analysis about the current situation and price-action happening in ethereum, there are some worthful signs which I detected not only on the smaller timeframe but also on the higher timeframe, as I already pointed out ethereum has formed an important head and shoulder formation on the 4-hour timeframe where we had the break of the neckline recently which can indicate a confirmation of this neckline not far away, if you did not see this analysis already I highly recommend that you watch it to have a full-depth-overview. The overall dynamic is matching coherently with the bigger timeframe therefore we are looking at a daily perspective.
Inverted Head And Shoulder Analysis (4-Hour Timeframe):
As you can see now in my chart ethereum approaching the higher local resistance in the current structure at the 228 level which is marked with the light black lines in my chart from there we can get a pull-back not only to test the remaining support at the 400-EMA which you see in orange but also the overall neckline of the inverted head and shoulder formation. When these tests turning out to be successful ethereum has some good potential to move higher at least testing the falling upper boundary of the massive channel in which we are trading that is marked in blue as you can see it in my chart. This range is also the inverted head and shoulder target zone so it will be interesting how the price will react possibly in this area, the huge falling resistance shouldn't be ignored so there is a higher possibility within the schedule that we will see a pullback after the target where reached.
Overall we can say that ethereum is trading above some solid support levels which can hold further when there doesn't come bearish pressure into the market which will alter the whole dynamic. This will show when we break the 200-EMA that is marked in blue in my chart clearly to the downside because it will activate the further bearish pressure price action in the bear zone which you can see marked in my chart. Taking the bullish scenario into consideration, which is more likely currently, we have the important strong resistance at the falling upper boundary of the massive channel we are trading in, ethereum will have a hard time to take out this resistance as it confirmed several times as a strong line in the past but when it does there is some good possibility within the likelihood spectrum that ethereum manages to advance in the bull zone marked in my chart.
In this manner thanks for watching everybody, support for more market insight and all the best!
There are many roads to prosperity in the modern economy, but one must be contemplated.
Information provided is only educational and should not be used to take action in the markets.
Inverted Head And Shoulder Analysis (4-Hour Timeframe):
As you can see now in my chart ethereum approaching the higher local resistance in the current structure at the 228 level which is marked with the light black lines in my chart from there we can get a pull-back not only to test the remaining support at the 400-EMA which you see in orange but also the overall neckline of the inverted head and shoulder formation. When these tests turning out to be successful ethereum has some good potential to move higher at least testing the falling upper boundary of the massive channel in which we are trading that is marked in blue as you can see it in my chart. This range is also the inverted head and shoulder target zone so it will be interesting how the price will react possibly in this area, the huge falling resistance shouldn't be ignored so there is a higher possibility within the schedule that we will see a pullback after the target where reached.
Overall we can say that ethereum is trading above some solid support levels which can hold further when there doesn't come bearish pressure into the market which will alter the whole dynamic. This will show when we break the 200-EMA that is marked in blue in my chart clearly to the downside because it will activate the further bearish pressure price action in the bear zone which you can see marked in my chart. Taking the bullish scenario into consideration, which is more likely currently, we have the important strong resistance at the falling upper boundary of the massive channel we are trading in, ethereum will have a hard time to take out this resistance as it confirmed several times as a strong line in the past but when it does there is some good possibility within the likelihood spectrum that ethereum manages to advance in the bull zone marked in my chart.
In this manner thanks for watching everybody, support for more market insight and all the best!
There are many roads to prosperity in the modern economy, but one must be contemplated.
Information provided is only educational and should not be used to take action in the markets.
Note
ANALYSIS UPDATE: ETHEREUM held above the main upper local resistance levels from where the bullish base pushed into a final bullish breakout towards new heights in the bull zone.Since then ETHEREUM continued with the bull market into new all time high spheres.
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