• Ethereum reversed from support level 4377.00
• Likely to rise to resistance level 5000.00
Ethereum cryptocurrency continues to rise after the price reversed up from the key support level 4377.00 (former resistance from May and October, acting as the support after it was broken earlier). The upward reversal from the support level 4377.00 created the daily Japanese candlesticks reversal pattern Hammer, which started the active short-term impulse wave (iii), which belongs to the higher order impulse waves 3 and (C).
Given the strong daily uptrend and the improvement in risk sentiment seen across the cryptocurrency markets today, Ethereum can be expected to rise further toward the next round resistance level 5000.00 (target price for then completion of the active impulse wave (v)).