Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.
– Ethereum reversed from pivotal support level 2870.00
– Likely to rise to resistance level 3200.00
Ethereum cryptocurrency recently reversed up from the support area set between the pivotal support level 2870.00 (which has been reversing the price from the start of April, as can be seen from the daily Ethereum chart below), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from January. The upward reversal from the support zone stopped the previous minor correction ii from the start of May.
Given the strength of the nearby support level 2870.00 and the improving sentiment across the crypto markets, Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.
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