Ethereum, Develops Wedge-Formation, Important Considerations!

Hello Traders Investors And Community,

Welcome to this analysis about Ethereum, we are looking at the hourly timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation. Ethereum is moving within an established uptrend where it has shown up with exaggerated upside-volatility and strong bullish movements, now it has moved into an overbought condition and as I discovered is forming a formation that can be the decisive source in upcoming movements and possibly indicate a reversal, it is also important to distinguish Ethereum here as not every currency is developing such a formation, therefore we are looking at all the important levels and likely outcomes.

As when looking at my chart we can watch there Ethereum is about to form this massive ascending-channel-formation marked in blue within my chart and with the coherent wave-count developing in the formation with the waves A to D already completed, now Ethereum is testing the lower boundary of the formation and also the 65-EMA in green as well as the 85-EMA in red lying within this zone, for now Ethereum already bounced within these levels and therefore likely to be the origin for the next wave E to the upside that will then finalize the whole wave-count within the schedule, this wave E will directly move into the strong upper-resistance-cluster where the actual crucial price-actions will move in the schedule.

In the upcoming times it will be of high importance to elevate how Ethereum moves on further to establish within this ascending-wedge-formation, when Ethereum completes the wave-count under the suggested circumstances this will indicate a possible major shift in the dynamic and when Ethereum after that closes below the lower boundary this will complete the whole formation and activate downside targets to be reached as the ascending-wedge-formation fully finalized. These targets are lying within around the 1000 USD zone where Ethereum has remaining supports and when Ethereum reaches out within these levels it has to be considered if a possible stabilization follows or further downside continuations.

In this manner, thank you for watching the analysis, have a good day and of course 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 markets.