Ethereum, Major Descending-Wedge, These Levels Crucial!

2021年7月15日

Hello,

Welcome to this analysis about Ethereum, we are looking at the 12-hour timeframe perspectives. Ethereum in recent times is developing a formation as I discovered that will be the determining source in the upcoming times. In this case, there are some important zones that need to be considered to complete this formation and show up with further dynamics ahead in the schedule. For now, we should keep patience and do not rush into set conclusions as it is like in most occasions necessary and pivotal to elevate on the right final confirmations before moving into the appropriate direction. Therefore I detected all the important levels and likely determinations we should consider with Ethereum in the established structure and upcoming movements.

With considering Ethereum now on the 12-hour timeframe perspective when looking at my chart we can watch there that Ethereum since showing up with the heavy bearish declines has developed this main descending-wedge-formation with the boundaries in black and the coherent wave-count within the wedge. Ethereum already finished the waves reaching from A to D in the wave-count and is now forming the wave E that will finalize the whole wave-count, in this wave E Ethereum already completed the local wave A and is now setting up to form the wave B in the structure that will approach directly into this dynamic resistance-cluster which consists of levels like the upper-boundary of the wedge, the 35-MA in red and the 100-MA in green building this resistance-zone with a high possibility pullback when Ethereum moves into.

The next time we can expect Ethereum to continue with the local wave-count and therefore with the wave B in the structure to approach the dynamic resistance-cluster and when this happens the local wave C will likely have its source within this zone. When this happens and the local wave C emerges price-action will continue with the local wave C that moves on to finalize the global wave E and therefore the whole wave-count. The crucial developments will come with Ethereum completing the wave-count and testing the lower dynamic back-up-cluster marked in blue from where a bounce needs to establish for Ethereum increasing the possibility to complete the wedge-formation bullishly to the upside which will happen when Ethereum finally closes above the upper-boundary of the wedge activating continuations and the wedge-targets.

In this manner, thank you for watching my analysis about Ethereum and the major descending-wedge-formation with the important determinations we should consider, great when you support it with a like and follow or comment, 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 markets.