Ethereum Technical Analysis 6 January, 2021

• Ethereum broke support zone
• Likely to fall to support level 3200.00

Ethereum cryptocurrency continues to fall inside the accelerated the active impulse waves 3 and (C) – which recently broke the support zone lying between the key support level 3500.00 (which has been reversing the price from the start of October) and the 61.8% Fibonacci correction of the previous sharp upward impulse (C) from the middle of September. The breakout of this support zone strengthened the bearish pressure on this cryptocurrency.

Given the worsening risk sentiment that can be seen across the cryptocurrency markets today – Ethereum cryptocurrency can be expected to fall further toward the next support level 3200.00 (target price for the active impulse waves 3).

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