Ethereum, Possible Reversal In The Range, Levels To Consider!
Hi, Welcome to this analysis where we are looking at ethereum 1-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to handle the situation appropriately. Ethereum has formed some really interesting price-actions in the 1-hour timeframe here which is not necessarily available with other cryptocurrencies in such a clear variety, this formation ethereum is forming here can show up with some solid potential further when ethereum manages to develop the proper price-action and continued alignments. Therefore I detected the important levels and possible outcomes we should consider in this structure.
Inverse Head-Shoulder And Preliminary Levels:
Looking at my chart you can watch the possible inverse head and shoulder formation ethereum is forming here marked in orange, when taking this point this would suggest that the left shoulder and head of the formation has already managed to form and now the right shoulder is developing in the structure, besides that you can watch the channel ethereum is forming here marked with the upper boundary in the grey dashed trendline and the upper boundary with the blue neckline, furthermore ethereum has some solid support lower in the structure marked in blue at the 337.5 level where a bounce is likely which can show up as the origin of the right shoulder to be formed.
Outlook And Setup:
For a full completion of the whole formation it is necessary for ethereum to bounce properly within the in the lower boundary of the formation, when this does not happen the head and shoulder will invalidate below the blue lower boundary, however when the right shoulder forms as expected this can provide a solid setup with great upside potential, that is, when ethereum moves above the neckline and closes there to also form a pullback before moving higher, it will complete the full formation and activate the upside targets lying at the 357 Fibonacci-level marked in my chart in grey, although the aggressive entry is also possible here, the best will be the conservative to wait on the suggested confirmation before entry can be determined.
In this manner, thank you for watching, good day my friends, and support for more market insight.
“Good luck is when opportunity meets preparation.”
Information provided is only educational and should not be used to take action in the markets.