• Ethereum reversed form resistance level 2500.00
• Likely to fall to support level 2000.00
Ethereum cryptocurrency recently reversed down from the major resistance area lying between the round resistance level 2500.00 and the upper weekly Bollinger Band. The downward reversal from this resistance area stopped the previous multi-month weekly impulse sequence (5) from February. The price is currently forming the weekly candlesticks reversal pattern Bearish Engulfing.
Given the proximity of the aforementioned resistance area , overbought weekly Stochastic – Ethereum cryptocurrency can be expected to fall further toward the next round support level 2000.00 (former powerful resistance from the start of this year).