Welcome to this analysis about Ethereum, we are looking at the 2-hour timeframe perspective, Ethereum has shown up with major exaggerated bearishness to the downside recently where it moved to test the remaining supports and showed up with some preliminary up moves from there, now it is still the case that the double-top possibility is given and besides that, I detected significant signs that can indicate a continuation to the downside when Ethereum shows up with the confirmative price-action next times, therefore I detected all the important levels and likely outcomes we should consider with Ethereums established structure and the upcoming destinations.
As when looking at my chart we can watch there how swiftly Ethereum moved below black which was previously supported and severely tested before the final bearish breakdowns emerged below it, furthermore Ethereum has already tested the grey dashed ascending-trend-line and bounced to the upside from there to initiate this wave-count with the first wave A in the structure, this wave-count is running into the strong resistance-cluster here marked in my chart with the red box where several resistances coming together consisting of this major descending-trend-line, the 65-EMA in blue as well as the 100-EMA in green and also the black trend-line which was previously supported and is now resistance. Taking all these factors together we can expect the resistance-cluster to be the origin for the next bearish pullbacks to the downside showing up and firstly testing the dashed ascending-trend-line when this trend-line does not hold and Ethereum moves below it this will cause an initial preliminary-continuation-confirmation moving at least to the double-top-neckline where things get really crucial because when Ethereum finally closes below this trendline bearishly this will complete the whole double-top and Ethereum will visit even lower levels in the structure as it is marked in my chart and the given structure.
Upcoming times will show how Ethereum moves on to complete these significant price-actions on the short-term firstly where the bearish dynamic can continue under the suggested circumstances, this is why the bearish scenario especially on the local perspective is likely to be a leading source next times which does not mean Ethereum is completely bearish on the longer perspective however it firstly needs to find a proper stabilization when this double-top really completes the next times.
In this manner, thank you for watching the analysis, have a great day and weekend, all the best! "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.
Outlook: Expecting ETHEREUM to recapture its $637.90 high and beyond. Breaking above $595.50 is the next upside objective for the bulls. (Fist a Bullish Evidence)
Analysis: The break above $637.90 signals the second wave consolidation is complete, and the move puts ETHEREUM back on track to challenge the next upside hurdle. The bulls are in control while $480 - Wave ii - stays intact as support.
Bottom Line: A third wave rally is in its early stages. Subdividing higher within wave iii of (iii)
Note: Prices can vary between ETHEREUM exchanges. Consequently, there may be differences in our chart prices due to different data sets. Our analysis is for information only. We recommend that people avoid trading on unproven exchanges vulnerable to hacking and theft.