Ethereum, Potential Flag-Formation, How It Completes!

Hello Traders Investors And Community,

Welcome to this analysis about Ethereum, we are looking at the 30-minute timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. In recent times Ethereum has shown up with strong bearish encounters to the downside to the point now, it was a great time to secure our profits on the short-side within the private channel. Now as Ethereum has initiated these bearish declines it moved into a more or less oversold condition from where the possibility for reversals is higher nevertheless we should not keep the determined bearishness by side especially as I discovered an important formation Ethereum is developing here that will be worthwhile in the upcoming destinations.

Structural Developments:
As when looking at my chart now we can watch there how Ethereum is about to form this ascending-channel-formation within the local timeframe perspective, within this channel Ethereum has the coherent wave-count with the waves A to C already developed and now moving on with the waves D and E. The finalization of the wave E will run directly into this main resistance-cluster marked in red from where a pullback bearishly to the downside is highly likely as there are several strong resistances lying within the cluster consisting of the descending-resistance-line, the 160-EMA in green as well as the 200-EMA in red and also matching with the upper-boundary of the ascending-channel in local perspective.

Upcoming Determinations:
Taking all these factors into consideration Ethereum is in a situation in which it has developed this ascending-channel that can move into a bear-flag when Ethereum shows up with the pullbacks from the resistance and finally moves below the lower boundary as it is marked in my chart, such a price-action will also confirm to the underlying wave-count and the major wave C to develop. The recent times have shown one more time that the cryptocurrency market is highly volatile and that changes in directions can occur more swiftly than expected. This is why it is inevitable to properly line-up and take advantage of such opportunities when they arise, as we have managed within the channel and achievements on the short-side.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties."

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