Ethereum Technical Analysis Report 19 August, 2021

• Ethereum reversed from support zone
• Likely to rise to resistance level 3315

Ethereum cryptocurrency recently reversed up from support zone located between the key support level 2935.00 (which has been reversing the pair from the end of July, stopping the previous impulse waves (a),B and (iv)), 20-day moving average and the 38.2% Fibonacci correction of the sharp upward impulse from the end of July. The upward reversal from this support zone stopped the previous minor corrective wave (iv).

Given the improvement in risk sentiment as seen across the cryptocurrency markets today – Ethereum can be expected to rise further toward the next resistance level 3315 (top of the previous minor impulse wave (iii) from the middle of August).

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