Ethereum Move As Expected, Continuation Or Reversal?!

Hi my friends, I hope everybody of you is doing well in today's volatile times, for now, Ethereum provided good signs to rely on the last weeks different to bitcoin and other cryptocurrencies the signals with Ethereum were highly worthwhile for me with some good opportunities in the schedule, therefore, I highly recommend that you read the last ideas I made on ETHEREUM these are living examples for how well technical analysis can work and that is a science which can be applied on today's markets. The triangle which I forecasted broke out as expected and the bearish pull-back came, in the trading-perspective, these observations can be measured highly profitable. Friends, I see many people distracting with giving wild promises that bitcoin or ETHEREUM skyrocket to 1.000.000, etc, this is mere speculation and we should always keep an unattached cool head to consider the best opportunities with the highest possibility the market gives us. The market is full of many contrary signals which has to be ordered rightfully. Great, let's look at the current situation and what ETHEREUM is doing right now, we have some important signs which shouldn't be ignored therefore I am looking at the 4-hour locally time-frame.

When looking at the current chart which is building a coherent follow-up to the previous ideas I published about ETHUSD, we can see that it almost did what I expected it will do, we had a downturn from the strong resistance level at 170 USD, the market was at resistance. For now, we have a support-base between 145 USD and 150 USD this support base will be respected because there are many confluence factors coming together building up a highly possible confluence-zone where the price will surge, from there we can see two possible price-action-scenarios coming. At the first hand, it is the scenario in which we get a bullish up-move bringing ETHEREUM into resistance and then falling back again, this moves us possibly because we still see selling pressure. The other way will be that ETHEREUm stabilizes at the support and establishes to move above resistance.

What is important to be said in this structure is that we have a very very very bearish zone confirmed when we fall with ETHEREUM under the 145 confluence-zone you can see in my chart. When we cross this level to the downside I do not see a fast reversal coming so soon. The next support below that level will be at 128 and the next one at 120. On the other hand for a bullish reversal in the confluence-zone, we have to cross above purple EMA and finally to get a middle-term bullishness with ETHEREUM take out the upper red resistance level which already confirmed once to the downside.

Alright, friends, this should give you a good overlook of the current situation facing ETHEREUM, remember that each scenario has to be confirmed properly before looking for a pleasant trade-entry.

In this manner have a good day and rest of the weekend ;) Feel free to support for more market insight.
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FAREWELL

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

Comment:

ANALYSIS UPDATE: ETHEREUM did not form this major confluence zone out of no reason because it has still, remained as a main source of extended demand.

Since ETHEREUM bounced within this ever-so-crucial level the bulls could mark a transformative bounce into the upper directions forming the start of a new bull market.