The Ethereum cryptocurrency can be expected to rise further towards the next resistance level at 3340.00 (where the previous Minor Impulse Wave 1 stopped late last month).
– Ethereum reverses from support zone
– May rise to resistance level 3340.00
The Ethereum cryptocurrency recently reversed upwards from a support zone located at the intersection of the major support level 2860.00 (wave (2) and ii lows from March, as seen from the daily Ethereum chart below), and the daily Support trend line of the ascending channel Daily Bollinger Band decline from October and 50% Fibonacci correction of the previous upward impulse from October. This upward reversal from the support zone formed the Japanese candlestick daily reversal pattern “Hammer”, which marked the end of the previous correction 2 .
Considering the current daily uptrend and the mainly bullish sentiment affecting the crypto market today, the cryptocurrency Ethereum is expected to move towards the next resistance level at 3340.00 (where the previous Minor Impulse Wave 1 stopped at the end of last month). is expected to rise further towards the
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