If you also look at the price section of ethereum right now, ethereum is showing a very, very interesting scenario. What i mean by that, if you look at the price structure, starting in a week, the time frame for ethereum and also use this log scale guys, we can see this one rising trend line right now is showing us where we are heading and also acting as One of the strongest line of support for ethereum, because if you look at the price structure in a weekly timeframe and simply follow this rising trend line, this rising trend line is not just only showing us the possible trend, duration, but it is also acting as a Strong line of support in case any sort of a price retracement and every time when we approach the rising 29 support line, you can see, after that we had some really nice bouncy in price action of ethereum, so thats. Why? If this rising trend line, support is going to be there, which could be around this 4. 100. 4 000 range in case of any further retracement. Then we are aware this rising trend line could again be acting as a strong line of support, and after that we can see another bounce just like here from pass ethereum price action. You can see here right. These are some really really nice price movement as soon as the price phone support around this rising trend line, and not just only this guys.

If you also look at the price action of ethereum in a daily timeframe, you can see it guys according to this here in a daily timeframe. I am using this ascending channel to monitor this price movement because, according to this ascending channel, the upper line areas, as you can see, are a strong line of resistance and lower line are a strong line of support so thats. Why? For us here in a daily time frame, the most important line is this central line. Why? Because this central line in the past ethereum price action, as you can see, has acted as a strong line of resistance as a support again as the resistance as a support. So thats, why? If we do see any sort of a further price retracement in a immediate short term right then around this price range of 4400 to 4500. We have another strong line of support lying around from this: a sending channel middle line so thats. Why guys here in the immediate short term, if we do see further retracement, this is where we could be getting gravitated and after that, im actually expecting a strong bounce in price action of ethereum. But if we do fail to hold this support around this four thousand. Four hundred four thousand five hundred range, then maybe we could be also getting gravitated towards this lower line area of this a sending channel, just like you from pass price action. So if we do see further retracement in price action of ethereum, then guys we also are going to get a double support from this rising trend line because with each and every price retracement, we can see very clearly.

This rising trend line is definitely going to be one strong line of support for ethereum because it has been holding the price since march 2020, so lets see how these scenarios are going to unfollow. But if you want to monitor the price structure here in a bit different way, no problem, let me show you this chart, so this here is again in a daily time frame. What im actually going to do. I am going to add this one scenario, which is known as descending broad image and im pretty much sure you guys have already seen plenty of descending broad language and right now, if you look at this, the upper line here was an extremely strong line of resistance. Right, you can see that very clearly lower line acted as a strong line of support, but if we monitor the price structure here very carefully guys, you can see the price pullback. What we are witnessing could be a retest, because the same line was acting as a resistance, and in case this price is further retracement. Then we are aware the same line which previously acted at the line of resistance, could be holding the price of ethereum around this 4 400 to 4 500 range, so thats. Why? Unless the support is not going to get broken, this could still play out as an descending broadening edge, because, according to the descending broadening wedge as soon as the price breaks out of this upper line area, in most of the cases we also see retracement, i mean Price retesting, the previous temporary race line before again, showing some impulsive price movement so lets see if the price of ethereum does manage to hold the support around this 4 400 to 4 500 range, because if we look at this ethereum bitcoin chart also guys.

This is playing out very, very well, as ive already said, you ethereum could be outperforming bitcoin here in the upcoming month, according to this chart here, because we can clearly see we have been actually forming this as a triangle which was a bully scenario and also broken Out of this upper line area right, so if you do see further retracement, this could again be a retest of this previous temporary race line. Before this e3 bitcoin chart starts moving here to the upper direction, because we got a rejection exactly at this previous top. You can see here right that was around zero point: zero, eight, three, zero point: zero! Eight two sets so thats. Why? If we do break this radius and flip it into support, you can see the next possible target could be again lying around the zero point. One zero zero point, one one sets and also towards the final destination that could be around this zero point. One four zero point: one five sat so thats why we will be monitoring this chart time and again, my video, but if you look at the all coin market in general, so guys now before i switch into other chart. I just want to make you aware, by bid and femix both are providing around 4 100 bonus each i mean the total of 8 200 bonus is being provided for our community members. So if you are an experienced trader and want to take advantage of this market volatility, then this is the great opportunity, because by bit, as you can see, is providing around four thousand one hundred dollar bonus.

If you use my raffling and sign up, which is going to take you not more than a minute and also with femix, so lets switch into other chart so guys. Now, if you look at this total market cap, excluding bitcoin, you can clearly see. This is a very nice cup and handle pattern, and, according to this carbon handle, since the alkaline market cap has already broken out of this neckline area right. This neckline, which previously was a strong line of resistance, is now again acting as a strong line of support, and, if you look at this carefully, this could be a possible we test around this neckline area. Before this all coin, market gap again starts pumping into the upper direction, because, as long as the neckline is going to be there right as a support around this 1.38 trillion 1.37 trillion guys, i think all coin could still see some more really nice pulsing movement playing Out because i showed you according to this ethereum bitcoin chart, this is a bully scenario in case, even if you would see any sort of a further retracement. We are aware this could just be a retest of this previous temple. Race line before starts moving into the upper direction, so thats. Why this all coin market cap, excluding bitcoin, also looks in favor of all coins in the upcoming days and weeks. So lets see how this all scenarios are going to play out so guys. If you enjoyed this kind of short update, then please hit the like button and also for those individuals watching this for the first time come on hit that subscribe button and the bell.

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