Hello Traders Investors And Community,
When assessing the cryptocurrency market these times, especially the altcoins within the market it is highly important to distinguish the certain differences between the individual cryptocurrencies as there are cryptocurrencies that build more bullish formations while others tend to develop an increased bearish condition.
Such developments are necessary to rightly approach the diverging formations in the currencies. Besides that there are also formations that can show up a reversed outcome compared to the classical variants such as the fake bear-flag which as I discovered Ethereum is about to complete here within the next times and therefore I am looking at the important levels and what to expect in upcoming times.
As when looking at my chart now we can watch there how Ethereum firstly increased with the bullish price-action right after moving above this descending-trend-line that is marked in dashed grey in my chart, this was a strong bullish volatile move and besides that, it also developed the wave C in the ABC-wave-count that is penetrating the upper-boundary of this ascending-channel-formation which is normally supposed to be a bear-flag however it is not seldom seen within the cryptocurrency space that such formations tend to break out into the reverse direction especially when the signs for such a breakout already formed before which is the case with Ethereum here as it stabilizes above the 45-EMA in green and is also forming this local flag-channel.
Taking these things into the consideration here Ethereum has shown up with this initial bullishness and it is not unlikely that the market builds upon such volatility . Therefore, when Ethereum manages to increase the demand in the next times and close above the upper boundary of the channel it will be the right setup for further developments to the upside, and Ethereum in this case then will activate the dynamic upper remaining resistance as the appropriate target-zone in this structure which will also lead to the wave-E-extension.
For now, it will be important on how Ethereum continues with this possible scenario and how it manages to stay in this range, when this happens the breakout is likely not far away, it will be an interesting journey ahead of the upcoming time.