• Ethereum reversed from the support area
• Likely to rise to resistance levels 1700.00
Ethereum cryptocurrency recently reversed up from the support area lying between the pivotal support level 1400.00 (former resistance from the middle of January, lower daily Bollinger band and the 38.2% Fibonacci correction of the previous upward impulse from the end of December. The upward reversal from this support zone started the active short-term impulse wave (v) – which is a part of the strong longer-term impulse waves 3 and (3).
Given the prevailing uptrend and the global improvement in risk appetite after the dish comments from US’s Federal Reserve – Ethereum cryptocurrency is likely to rise further toward the next resistance levels 1700.00 (which stopped the previous minor correction (a) in February).