Ethereum, Still In The Range, Further Conitnuation Possible!

Hello, Traders Investors And Community, welcome to this update-analysis about the current situation facing ethereum, there are some important events happened the last time which I determined and which will affect the further outcome of ethereum. As I mentioned already in past analysis ethereum has the strong support zone at the 215 level and the which realized now as a meaningful resistance therefore we had an volatile breakdown the the downside which can idnicate further increas of bearish pressure. We are looking at the short-time-frame locally 4-hour chart, if you want to have a more middle-to-long-term perspective I recommend that you look at the analysis where I already pointed out that it is possible for ethereum to fall more when we cross below the important support in the current range.


When looking at my chart now you can see that ethereum found support at the 50-EMA which you can see marked in light-blue in my chart and the 206 level here which is also a mirror-level from past highs in the uptrend we developed before. Also we have the significant 200 USD psychological level here which is playing into the overall support in this range. When considering these facts it is within the possible spectrum that we first get a bounce to the upside to test the resistance at 215 again before the next leg down establishes. Remember this scenario has to be confiremd properly and a break above the 215 resistance level will definitely invalidate the bearish scenario to the downside but it is more likely that we confirm it a second time as resistance.

After the proper resistance is confirmed and the next leg down develops we have the further important support at the 189 level which you can see marked in my chart in orange, this level is also building a coherent support zone with the 600-EMA which you can see marked in my chart in dark blue therefore it is within the likelihood schedule that we see a bounce there when touched in this level, the question now is how strong this bounce will and if it is sufficient to manga a reversal in this range for a continuation of the past builded bull-trend. When this does not happens and the price is weak or bounces marginally little here it is possible for ethereum to provide another leg to the downside therefore we need to look how strong this level can possibly be hold.

The next middle-term-support for ethereum is provided at the 175 level, this is an fundamental important level for ethereum because we need to hold it for the proper range we have here and for a possible reversal or continuation to the upside, when this does not happen we can expect a bearish continuation to the downside as described in the middle-to-long-term chart. At the moment it looks like many cryptocurrencies building a sideways range which will determine the further outcome, it is possible that we follow with bearish moves to the downside, therefore we need to be prepared for this scenario and adapt to the changing circumstances we are currently facing in the cryptocurrency market environment and do not fall for the speculative illogical trap we see to often these days.

Thanks for watching everybody, support for more market insight, and have a good day! ;)
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Information provided is only educational and should not be used to take action in the markets.