Ethereum, Key Wedge-Formation, These Scenarios Alter Dynamics!

21 Feb 2021

Hello Traders Investors And Community,

Welcome to this analysis about Ethereum, we are looking at the 4-hour timeframe perspective. The cryptocurrency market keeps highly volatile, in this manner changes in direction can occur more fastly than expected as the past has shown already, as traders it is important to be aware of such dynamics to do not overextend the market into a one-sighted direction happening too often these times. In this case with Ethereum now I discovered a decisive formational structure Ethereum is building that can lead to a continuation of the previous established bearish declines especially when Ethereum shows up with the determining price-actions, therefore I detected all the important levels and likely meaningful destinies we should consider here.

Structural Developments:
As when looking at my chart now we can watch there how Ethereum has established this key and protracted ascending-wedge-formation marked in my chart in blue, besides that Ethereum already fully completed the coherent wave-count within the formation ending up with the final wave E after which Bitcoin pulled back and moved initially to test the lower boundary of the wedge-formation, this is extremely crucial here because when this boundary does not hold and Ethereum increases with bearishness further in the level declining as it is shown in my chart, the final breakout below the lower boundary and close below will complete the whole ascending-wedge-formation and activate the targets with increasing bearishness ahead.

Upcoming Determinations:
Taking all these factors into consideration Ethereum is in a situation now where this major decisive formation can complete within the next times, therefore it is necessary to do not keep this scenario out of sight and be prepared for the final breakout below otherwise when this does not happen the wedge can also invalidate to the upside with strong bullish increasing and a breakout above the upper boundary however as the signs now show this is not the most likely possibility. After Ethereum potentially confirmed the major formation this will activate the targets from where the situation needs to be elevated anew and if Ethereum shows up with the proper stabilizations further or not, it will be an interesting journey.

In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
"The high destiny of the market is to explicate, rather than to speculate."

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