• Ethereum reversed from resistance area
• Likely to fall to support level 2200.00
Ethereum cryptocurrency recently reversed down from the resistance area lying between the key resistance level 2600.00 (previous upward reversal pivot from the middle of June), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward price impulse from the start of May. The downward reversal from this resistance area stopped the previous short-term impulse waves (iii) and 3.
Given the deterioration of the risk sentiment as seen across the cryptocurrency markets on reports more regulation will be introduced in USA, Ethereum cryptocurrency can be expected to fall further toward the next support level 2200.00 (low of the previous minor correction (ii) from last month).