Welcome to this analysis about Ethereum , we are looking at the hourly timeframe perspectives. Ethereum recently bounced in the structure and has formed some interesting formational structures as I discovered now. Within this local perspectives, Ethereum has established this potential inverse head-and-shoulder-formation with the left shoulder and the head already formed and now is Ethereum about to develop the right shoulder in the structure therefore it is highly necessary that Ethereum holds the support seen in my chart in blue and bounces there to do not fall below this level because when this happens the formation gets invalidated. When Ethereum then manages to bounce in the structure this will lead to a completion of the formation with a close above the neckline which will be the source for further developments and approach of upper remaining resistance zones to be tested, it will be an interesting development ahead.
In this manner, thank you for watching the analysis and great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the market.