• Ethereum reversed from support zone
• Likely to rise to resistance level 3175.00
Ethereum cryptocurrency recently reversed up from the support area set between the key support level 2800.00 (former resistance which stopped the previous waves A and C in May and June), lower daily Bollinger Band and the 50% Fibonacci retracement of the previous sharp upward impulse wave from the middle of July. The upward reversal from this support zone stopped the previous short-term impulse wave C– which is a part of the longer-term ABC correction (2) from the stat of September.
Given the clear daily uptrend, oversold daily Stochastic and improving sentiment across the cryptocurrency markets today, Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3175.00 (former strong support from the start of this month).
