Hello Traders Investors And Community, Welcome to this analysis, we are looking at ethereums 4-hour timeframe perspective, ethereum has some potential detected on the more short-term one-hour to two-hour chart which can prove some rallies with possible opportunities within nevertheless these are running into serious resistance layer which should in any case not be underestimated here! The cryptocurrency market is changing and it is not the market it was back in 2017 one time, there are big divergences between the certain coins and therefore we should also estimate ethereum individually here to not get overwhelmed by the smart money operators and their games of stop-loss-hunting and market making, therefore let’s look in what situation ethereum is trading currently and what are likely outcomes within its destinies.
Mutual-Resistance-Zone And Further Approachements:
On the more bigger term ethereum is forming a sideways range where it is consolidating quite a longer time now, such markets will provide a heavy breakout with increase sooner or later and a big question is when this will happen here. At the moment ethereum has the potential to test the upper boundary marked in blue where the mutual-resistance-zone is lying in which several resistance layers coming together, this zone is marked in red in my chart, once there is coming the 400-EMA in black, the 100-EMA in green, the upper boundary resistance in blue and also the remaining horizontal resistance making this a highly possible pull-back zone where the price is likely to show up with price-action at the end of the day as these layers are just to strong the likelihood increases to the direction here.
As it is more likely to happen for ethereum to show up with the price-action as expected this will fully confirm below the grey dashed trendline in my chart, when ethereum marks below this level it will continue with pressure till there is substantial support found that is in this case the lower boundary and the point-of-recovery lying there marked in blue in my chart, when ethereum approaches this level a bounce upsides from here is likely to happen from where a new adjustment will take place, when this bounce does not set in and the price continues to weaken here the bearishness will increase if ethereum falls below the boundary, this will be the last reference point before a complete bearishness can set in, however, a bounce is more within the possible spectrum after which the market needs to be elevated anew.
In this manner, thank you for watching, good day my friends, and support for more market insight.
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Information provided is only educational and should not be used to take action in the markets.