Ethereum Technical Analysis Report 17 May, 2021

• Ethereum reversed from support area
• Likely to rise to resistance level 4000.00

Ethereum cryptocurrency recently reversed up strongly from the combined support area lying at the intersection of the support level 3250.00 (former minor support from the start of May), 20-day simple moving average, 50% Fibonacci correction of the upward impulse from April and the upper trendline of the recently broken up channel from March – acting as support after it was broken by the previous impulse wave 3 from the end of march.

Given the prevailing uptrend and the improvement in risk sentiment after Elon Musk told that he has not sold his Bitcoin holding – Ethereum cryptocurrency can be expected to rise further in the active impulse wave 5 toward the next round resistance level 4000.00.

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