Welcome to this analysis about Ethereum , we are looking at the 4-hour timeframe perspectives. As already mentioned in previous analysis Ethereum is likely to form a reversal in the structure and has already begun to form the head-shoulder-formation with the left shoulder and head completed and now the protraction of the right shoulder is taking place. Besides that, I discovered another determining formation now which will be a decisive factor in the upcoming times. This formation is a double-top-formation and as seen in my chart the left first top already completed to pullback from the upper resistance at 3300 moving on to determine the neckline at 2960 marked in red in my chart from where a bounce occurred which is contributing now the right second top in the structure to pull back again from the resistance. When Ethereum now continues with pressure which is likely as there is a strong resistance in which the bearishness will likely originate further to the downside this will complete the whole formation when Ethereum moves below the neckline as it is marked in my chart, such a breakout will complete the whole formation and will activate the lower target-zone with continuations into there. Once this zone has been reached it has to be elevated if Ethereum manages to hold this zone or just sets up for a continuation to the downside, for now, it will be necessary to properly prepare for the further continuations and completion of the formation to do not get overwhelmed by circumstances when it takes place, it will be an interesting and important development ahead.
In this manner, thank you for watching my analysis about ETHEREUM and the major double-top-formation with the important levels ahead, support the analysis with a like and follow or comment for more market insight!
“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 market.