Ethereum, Bearish Take-Over, Setting Up The Next Protraction!

23 feb 2021

Hello Traders,

Welcome to this analysis about Ethereum on a 4-hour timeframe perspective. As Ethereum fully completed the major ascending-wedge-formation mentioned in the previous analysis and reached the initial targets, the important supports within this structure did not hold and Ethereum shows up with continued bearish pressure to the downside to the point in which it is now trading and as I discovered is showing significant structures that should not be underestimated here, therefore we are looking at all the important levels and likely destinies.

As when looking at my chart we can watch there how Ethereum strongly moved below this ascending-support-line which held the bullishness to the upside previously, the fact that this trend-line is broken gives a serious bearish edge and especially as Ethereum moved below the 200-EMA as well as the 100-EMA also is adding to the bearish pace established here. Currently, Ethereum is below these important reference-points and testing them within the structure, it is highly likely that Ethereum anew pulls back bearishly to the downside from here and continues with the next wave to the downside. These recent events show one more time that the cryptocurrency market is highly volatile and that it can change direction extremely within days or even hours, in such a market environment it is necessary to keep calm and take the appropriate action with the right trading as we have managed to do so within the channel in Ethereum profiting of the downside action on the short-side. Now it will be shown how this whole journey continues.

Thank you everybody for watching the analysis, have a good day and good trading, 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 market.