Ethereum cryptocurrency can be expected to rise further toward the next resistance level 2800.00.
– Ethereum reversed from support zone
– Likely to rise to resistance level 2800.00
Ethereum cryptocurrency recently reversed up strongly from the support zone located between the key support level 2400.00 (which reversed the price twice at the start of August, as can be seen from the daily Ethereum chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous corrective wave 2 – forming the daily Japanese candlesticks reversal pattern Hammer –standing well below the lower daily Bollinger Band – strong buy signal for Ethereum.
Given the strength of the aforementioned support zone and the improvement in sentiment that can be seen across the cryptocurrency markets, Ethereum cryptocurrency can be expected to rise further toward the next resistance level 2800.00 (top of the previous impulse wave 1).
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