Welcome to this update analysis in which we are looking at ethereum 12-hour timeframe perspectives, the events happened, the current formational structure and what we can expect the next times, as suggested in previous analysis ethereum had this huge resistance at the lower boundary of the broadening wedge comign together with the EMA resistance and now entered heavy bearishness to the downside where it is currently testing the next rising support marked in grey, when this support can not hold which is highly likely at the moment as the pace was just to strong, ethereum will make the breakdown and visit lower levels in the structure, ethereum will continue bearish pressure till there is substantial support found which can be the back-up-line marked in blue in my chart where ethereum can stabilize, in this case it is from high importance that ethereum bounces here solidly and does not close below again.
When ethereum manages to somewhat hold the current rising support line and moves some higher there will be nevertheless still strong resistance levels within the EMA resistance above also the heavy bearishness should not be kept by side as it is not seldom seen that the market continues bearish after such pressure to the downside, therefore it is also likely that ethereum continues downward after a little rally, on the more middle term perspective it is important for ethereum to stabilize above the back-up-channel-trendline because when it does not and falls below this channel ethereum will continue bearishly in the bullish-invalidation-range you can watch in my chart where the next possible support can firstly be considered at the lower support line marked in blue, the current bearish pace is matching to other cryptocurrencies and the major bitcoin while the bearishness in ethereum is just too stronger.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best! “Trading effectively is about assessing possibilities not certainties.”
Information provided is only educational and should not be used to take action in the markets.
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BitonGroup
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HI very nice analysis,
I also have done some analysis on ETHUSD base on Bearish Hidden Divergence and Fibonacci Projection please have a look and let me know your opinion too