Ethereum Technical Analysis Report 3 May, 2024

Dmitry Chernovolov Market Analyst

Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3340.00 (which stopped the previous minor impulse wave 1 at the end of last month).

– Ethereum reversed from support zone

– Likely to rise to resistance level 3340.00

Ethereum cryptocurrency recently reversed up from the support zone lying at the intersection of the key support level 2860.00 (low of waves (2) and ii from March, as can be seen from the daily Ethereum chart below), support trendline of the daily up channel from October, lower daily Bollinger band and the 50% Fibonacci correction of the previous upward impulse from October. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – which marked the end of the previous correction 2 .

Given the prevailing daily uptrend and the predominantly bullish sentiment affecting the cryptocurrency markets today, Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3340.00 (which stopped the previous minor impulse wave 1 at the end of last month).

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