Ethereum Technical Analysis Report 12 May, 2021

• Ethereum broke round resistance level 4000.00
• Likely to rise to resistance level 4500.00

Ethereum cryptocurrency continues to rise after the price broke above the round resistance level 4000.00 (which was set as the likely upward target in our previous forecast for this instrument). The breakout of the resistance level 4000.00 accelerated the active impulse waves (v) and 4 – which are a part of the longer-term upward impulse wave (5) from the end of February.

Given the prevailing uptrend and on increased institutional demand for Ethereum – this cryptocurrency can be expected to rise further toward the next resistance level 4500.00 (intersecting with the narrow daily up channel from April) –the breakout of which will open the way for further gains toward the next major round resistance level 5000.00.

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