Ethuds
Ethereum, Pullbacks, Why And How Initial Reversal Can Establish!Hello Traders Investors And Community,
Welcome to this update-analysis about Ethereum, we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Since previous analysis Ethereum as expected pulled back from the major resistance-cluster in the structure and showed up with further declines, if you did not see the former analysis already I highly recommend it to watch to have a full-depth-overview, now as this happened and Ethereum advance further with the bearish alignments an important formation is building here as I discovered that will be very worthwhile in the upcoming determinations, therefore I detected all the important levels and likely destinies ahead.
Structural Developments:
As when looking at my chart now we can watch there how Ethereum is building this decisive downside price-action and also pointing to the lower levels to be reached ahead in upcoming times, besides that Ethereum is establishing this potential descending-wedge-formation marked in my chart with the grey boundaries and the coherent wave-count within the formation already completing waves A to B in the schedule and now about to form the further wave C which then leads to the final waves D and E that will complete the whole wave-count within the formation and point into the lower supports which are also targets, therefore potentially indicating the main reversal in the structure that can lead to a solid breakout above the upper boundary.
Upcoming Determinations:
Taking all these factors into consideration Ethereum will show in the upcoming times how it manages to approach the given supports and how a bounce from there can look like, firstly it is important to note that when Ethereum increases with bearish price-action and moves below the supports this will lead to a continuation and possible invalidation of the formation, therefore it is inevitable that Ethereum shows up with the right price-action then completing the formation before that we should not finally move into the proper direction. It is necessary to also keep the reverse perspective in mind to do not get overwhelmed by circumstances when the dynamics change especially in the cryptocurrency market this still holds true.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"The high destiny of the market is to explicate rather than to speculate."
Information provided is only educational and should not be used to take action in the market.
ETH - Support Levels* Primary level - 115
* Extreme level - 81
* Any long margin positions can be opened only from $81 level around, because now exchanges start process of liquidation retail traders longs
* RSI oversold, so we can get some bounce before final wave
