• Ethereum reversed from resistance zone
• Likely to fall to support level 3000.00

Ethereum cryptocurrency recently reversed down from the resistance zone lying between round resistance level 4000.00 (which also previously reversed the price in May), upper daily Bollinger Band and the resistance trendline of the daily up channel from the middle of July. The downward reversal from this resistance zone stopped the previous minor impulse waves 3 and (iii) which belong to the intermediate impulse wave (C) from June.

Given the sharply negative sentiment seen across the cryptocurrency markets today– Ethereum cryptocurrency can be expected to fall further toward the next round support level 3000.00 (which reversed the price multiple times form the start of August as can be seen below).