Ethereum, Clearer Outlook In The Market, Opportunities Arising!

Hello, Traders Investors And Community, welcome to this update-analysis about recent events, the current price-formation, what we can expect further from ethereum and opportunities arising out of this environment. The cryptocurrency-space is sending many contrary signs at the moment where a lot of currencies looking rather weak and bearish than tradable on the long-side as bitcoin is still under solid resistance levels and in overbought conditions, the destiny of the cryptocurrency-markets is standing in the stars with a vast amount, therefore, we have to get a clearer picture and what are the possible opportunities at the moment. But there is one cryptocurrency which is showing some interesting signals at the moment which I detected that can lead to some good volatility sooner or later which is showing up in my chart and ethereums daily timeframe.

Initial Analysis According Ethereums Market-Environment (Daily Timeframe):

As we can examine now clearly is that ethereum confirmed above its support/resistance line which I pointed out in the past analysis this was an initial important step to become more bullish in the short-term which can indicate further bullishness on the middle term. As ethereum consolidates above the support-line this can lie the ground for a bullish breakout to the upside which will be confirmed when the pair crosses above the falling blue resistance line you can see in my chart. When this happens we can expect a higher high to form with a 75 % probability which will establish when the boundary crosses with good volatility to the upside, remember that this has to fulfill otherwise we can still confirm this boundary as resistance and either consolidate more in this range or fall back to bearish regions.

Furthermore, ethereum trades above the 400- and 200-EMA which are marked in orange and blue in my chart which is a more bullish sign at the moment because it is trading above them, a more bearish signal would be when ethereum trades below them similar to the situation we have seen by march this year where the worldwide global economy corona-breakowns established and caused a high volatile bearish move to the downside. Alright, this setup can be traded in the smartest way with the confirmation above the lower boundary or with confirmation of, remember that before that does not happen there is still a possibility given that ethereum weakens and turns bearish therefore we need to keep patient and wait for the market to respond in the proper way that we can take advantage of the possible opportunities arising.

In this manner, thank you for watching support for more market insight and all the best!
Trading effectively is about assessing probabilities, not certainties.

Information provided is only educational and should not be used to take action in the markets.

Comment:

UPDATE ANALYSIS: ETHEREUM bounced within the main local support from where it continued with a great bullish breakout into the bull zone.

The most likely scenario has finally developed as expected.