Ethereum Technical Analysis Report 22 July, 2021

• Ethereum reversed from support area
• Likely to rise to resistance level 2405

Ethereum cryptocurrency recently reversed up with the daily Japanese candlesticks reversal pattern Morning Star from the support area lying between the pivotal support level 1710 (which stopped the previous sharp downward impulse wave (C) in the middle of June) and the lower Bollinger Band. The upward reversal from this support area stopped the previous intermediate ABC correction (2).

Given the strength of the aforementioned support area – Ethereum cryptocurrency can be expected to rise further toward the next resistance level 2405 (top of the previous medium-term impulse wave (1) from the start of July). Strong support remaisn at the support level 1710.

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