Ethereum Technical Analysis 26 August, 2021

• Ethereum reversed from resistance area
• Likely to test round support level 3000,00

Ethereum cryptocurrency recently reversed down from the resistance area located between the key resistance level 3316 (which has been reversing the price from the middle of August), upper daily Bollinger Band and the 61.8% Fibonacci correction of the pervious sharp downward impulse from May. The downward reversal from this resistance zone stopped the previous short-term impulse waves ((iii) and (C).

Given the deterioration of the risk sentiment as seen across the cryptocurrency markets today – Ethereum cryptocurrency can be expected to fall further toward the next round support level 3000,00 (which stopped the previous waves iv, (iv) and (ii)).

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