Here Is How Ethereum Can Finally Confirm A Bullish Pace!

14 oct. 2020

Hi my friends,

Welcome to this analysis where we are looking at Ethereum 2-Day Timeframe Perspective, as mentioned in previously published analysis already Ethereum is still trading in this massive channel formation where it has the remaining resistance within the upper boundary which means it will have a hard time to come above this level because there are lying several resistance layers coming together, there are however some possible scenarios which can move Ethereum out of this structure, to confirm a breakout and finally develop continued bullish pace to the upside, before this happens, however, there are some important measurements and confirmations to show up, therefore, I detected all the important levels and possible outcomes we should consider in the current structure.

Structural Developments:
Looking at my chart you can watch there Ethereum formed a bearish reaction in the upper boundary a new time now and already showed a pullback, this pullback will highly possibly go on further. Besides that Ethereum has also the rising-resistance marked with the blue trend-line where the resistance is coming together with the upper boundary. Furthermore, Ethereum has the important levels of support lower in the structure consisting of the 35-EMA marked in red where a bounce is likely together with the middle-line forming this coherent back-up-cluster marked in blue in the chart, this level can also be determined to end up the wave-count of the wave to the downside as it is marked within my chart.

Outlook:
When Ethereum now manages to bounce in the blue back-up-cluster and it is strong enough it can move on to higher levels which can finally confirm a bullish pace, considering this scenario it is highly important that Ethereum stays above the support and does not fall below it again because this can invalidate the bullish scenario. When Ethereum now manages to move higher it needs to bounce above the upper boundary and confirm into the neutral zone marked in orange in my chart where a bounce back is possible which can lead to the final confirmation into the bullish zone marked in green. These steps are required for Ethereum to show up with confirming bullishness further and when it does there are some solid potentials given for further rising, it will be interesting to see how this develops.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"There are many roads to prosperity but one must be taken"

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