Ethereum cryptocurrency can be expected to fall further toward the next support level 2545.00
– Ethereum reversed from resistance area
– Likely to fall to support level 2545.00
Ethereum cryptocurrency recently reversed down from the resistance zone located between the key resistance level 2800.00 (former strong support from April, May and June, acting as the resistance after it was broken at the start of August, as can be seen from the daily Ethereum chart below), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp onward impulse from the middle of July. The downward reversal from this resistance area stopped the previous impulse waves 3 and (3).
Given the strength of the resistance level 2800.00 and the clear daily downtrend, Ethereum cryptocurrency can be expected to fall further toward the next support level 2545.00, which stopped the previous waves 2 and (2).
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