Ethereum can be expected to fall further toward the next support level 2500.00
– Ethereum reversed from pivotal resistance level 2800.00
– Likely to fall to support level 2500.00
Ethereum cryptocurrency recently reversed down from the resistance area located between the pivotal resistance level 2800.00 (former strong support from April and July, as can be seen from the daily Ethereum chart below), 20-day moving average and the 50% Fibonacci correction of the downward impulse from the end of July. The downward reversal from this resistance zone the previous intermediate impulse wave (3) from the start of this week.
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Given the clear daily downtrend, the strength of the aforementioned resistance area and the resumption of the bearish sentiment seen across the cryptocurrency markets today, Ethereum can be expected to fall further toward the next support level 2500.00 (low of the previous correction (2)).
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