Ethereum, H%S Confirmed Properly, Further Price-Action Develops!
Updated
Hello Traders Investors And Community, welcome to this update-analysis about recent events happening in ethereum, the currenet price-formation and what we can expect from ethereum the next days and hours. The whole cryptocurrency market is sending mixed signals at the moment, while some cryptocurrencies looking rather strong and solid there are cryptocurrencies which look more bearish than bullish. A cryptocurrency right now is definitely ethereum with the second largest market-cap in the market it is posing an significant role beside bitcoin. As i forecasted in recent analysis ethereum broke out of the major head and shoulder formation we had in the structure which activated the target, if you did not watches this analysis I highly recommend it to you for having a full-depth-overview about the occurences happening.
As looking on the locally 4-hour timeframe we see this major head and shoulder formation confirmed to the upside now and as ethereum developed some further since the breakout we have a correction in play which can become bigger or keep in the magnitude it has developed. As you can see in my chart ethereum is building an uprising-trend-channel here with its lower boundary already touched, therefore it is highly likely that we touch this lower boundary the next time we visit it again. For a continuation to the upside it is highly meaningful that we hold the 225 level where we bounced to the upside, when we cross this level down there is a higher probability that bearish pressure to the downside increases, it is a similar important support level like the one we have currently in bitcoin, this level needs to be hold for the further upmove!
The Initial Head And Shoulder Of The Structure (4-hour Timeframe):
Higher Boundary Resistance Matching With Target (Daily Timeframe):
The next time we can anticipate that ethereum ends up the correction to move higher, when this happens correctly and when we do not get higher bearish pressure signs which will show another leg to the downside it is within the definite possible spectrum that we reach the full-head-and-shoulder formation which you can see in my chart. This possible move can be traded with the breakout conservative or aggressive with an entry in the current range, but keep in mind that we have daily strong resistance at the full-head-and-shoulder target by the falling upper boundary I mentioned in past analysis about the daily perspective, therefore It should be remembered that we can get a significant reversal to the downside when we reach that level because there is still plenty of resistance. When the time comes we will see and contemplate further.
At the moment the situation for ethereum and other major crpytocurrencies is an important decision-point, while we see significant differences in the market, there are many which looking extremely bearish with high potential to continue bearish while others looking more indecisive to more bullish on the short-term like ethereum. Therefore we can expect a shift in demand in the market and some differences popping up in the price structure, it is not comparable to the 2017 market where everything had the same exceptional volatility, now in 2020 there are crpytocurrencies going sideways the whole time without any chance while others providing heavy gains to the upside and outperforming, this can cause a huge paradigm shift and traders should the differences as they changing to be sound for the different market conditions we experience these times.
In this manner, thank you for watching, support for market insight and all the best!
Edification is the key to everything because it is the goal of true sophistication.
Information provided is only educational and should not be used to take action in the markets.
As looking on the locally 4-hour timeframe we see this major head and shoulder formation confirmed to the upside now and as ethereum developed some further since the breakout we have a correction in play which can become bigger or keep in the magnitude it has developed. As you can see in my chart ethereum is building an uprising-trend-channel here with its lower boundary already touched, therefore it is highly likely that we touch this lower boundary the next time we visit it again. For a continuation to the upside it is highly meaningful that we hold the 225 level where we bounced to the upside, when we cross this level down there is a higher probability that bearish pressure to the downside increases, it is a similar important support level like the one we have currently in bitcoin, this level needs to be hold for the further upmove!
The Initial Head And Shoulder Of The Structure (4-hour Timeframe):
Higher Boundary Resistance Matching With Target (Daily Timeframe):
The next time we can anticipate that ethereum ends up the correction to move higher, when this happens correctly and when we do not get higher bearish pressure signs which will show another leg to the downside it is within the definite possible spectrum that we reach the full-head-and-shoulder formation which you can see in my chart. This possible move can be traded with the breakout conservative or aggressive with an entry in the current range, but keep in mind that we have daily strong resistance at the full-head-and-shoulder target by the falling upper boundary I mentioned in past analysis about the daily perspective, therefore It should be remembered that we can get a significant reversal to the downside when we reach that level because there is still plenty of resistance. When the time comes we will see and contemplate further.
At the moment the situation for ethereum and other major crpytocurrencies is an important decision-point, while we see significant differences in the market, there are many which looking extremely bearish with high potential to continue bearish while others looking more indecisive to more bullish on the short-term like ethereum. Therefore we can expect a shift in demand in the market and some differences popping up in the price structure, it is not comparable to the 2017 market where everything had the same exceptional volatility, now in 2020 there are crpytocurrencies going sideways the whole time without any chance while others providing heavy gains to the upside and outperforming, this can cause a huge paradigm shift and traders should the differences as they changing to be sound for the different market conditions we experience these times.
In this manner, thank you for watching, support for market insight and all the best!
Edification is the key to everything because it is the goal of true sophistication.
Information provided is only educational and should not be used to take action in the markets.
Note
ANALYSIS UPDATE: The most important factor for ETHEREUM here is that it continued with a protraction of the bullish channel above the 220 level.Since ETHEREUM has done so the inevitable breakout above the upper trend line levels followed through and from there on a major uptrend developed.
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