Ethereum cryptocurrency can be expected to rise to the next resistance level 2000.00 (former strong support from March and May).
- Ethereum reversed from support zone
- Likely to rise to resistance level 2000.00
Ethereum cryptocurrency today reversed up from the support zone between the strong long-term support level 1740.00 (which stopped the sharp downward impulse wave (1) at the start of February, as can be seen from the daily Ethereum chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped earlier short-term impulse wave 3 – which belongs to the sharp downward impulse wave (3) from the middle of April – which started near the major resistance level 2400.00.
Given the strength of the support level 1740.00 and the oversold reading on the daily Stochastic indicator, Ethereum cryptocurrency can be expected to rise to the next resistance level 2000.00 (former strong support from March and May).