• Ethereum reversed from resistance zone
• Likely to fall to support level 3800.00
Ethereum cryptocurrency recently reversed down from the resistance zone lying between the long-term resistance level 4377 (which has been reversing the price from the start of May, as can be seen from the daily Ethereum chart below) and upper daily Bollinger band. The downward reversal from this resistance zone will, most likely, form the daily reversal signal – Bearish Engulfing.
Given the growing bearish sentiment seen across the cryptocurrency markets today and the clear triple bearish divergence on the daily Stochastic indicator, Ethereum can be expected to fall further toward the next support level 3800.00.