Ethereum Technical Analysis Report 29 May, 2024

Dmitry Chernovolov Market Analyst

Ethereum cryptocurrency can be expected to fall further toward the next support level 3600.00, target for the completion of the active wave 4.

– Ethereum reversed from combined resistance area

– Likely to fall to support level 3600.00

Ethereum cryptocurrency recently reversed down from the combined resistance area set between the round resistance level 4000.00 (which previously stopped the sharp uptrend in March, as can be seen from the daily Ethereum coin chart below) and the upper daily Bollinger Band. The downward reversal from the resistance level 4000.00 started the active short-term correction 4, which belongs to wave (3) from the middle of May.

Given the strength of the resistance level 4000.00, overbought daily Stochastic and the bearish sentiment that can be seen across the cryptocurrency markets today, Ethereum cryptocurrency can be expected to fall further toward the next support level 3600.00, target for the completion of the active wave 4.

Ethereum Technical Analysis

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