Given the strength of the support level 1500.00, oversold weekly Stochastic and the strongly bullish sentiment that can be seen across the cryptocurrency markets today, Ethereum cryptocurrency can be expected to rise to the next resistance level 2000.00.
- Ethereum reversed from support area
- Likely to rise to resistance level 2000.00
Ethereum cryptocurrency recently reversed up from the support area located between the strong long-term support level 1500.00 (which has been reversing the price from the start of 2023, as can be seen from the daily Ethereum chart below) and the lower weekly Bollinger Band. The upward reversal from this support area stopped the earlier weekly impulse wave 1, which belongs to the extended downward impulse wave (C) from the start of this year. The upward reversal from support area formed the weekly Japanese candlesticks reversal pattern Hammer.
Given the strength of the support level 1500.00, oversold weekly Stochastic and the strongly bullish sentiment that can be seen across the cryptocurrency markets today, Ethereum cryptocurrency can be expected to rise to the next resistance level 2000.00.
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