Ethereum cryptocurrency can be expected to fall to the next support level 2460.00 (which stopped the previous short-term correction 2).

• Ethereum reversed from pivotal resistance level 2700,00
• Likely to fall to support level 2460.00

Ethereum cryptocurrency recently reversed down from the pivotal resistance level 2700,00 (which has been reversing the price from the start of May, as can be seen from the daily Ethereum chart below). The resistance zone near the resistance level 2700,00 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from December. The downward reversal from the resistance level 2700,00 stopped the previous minor impulse wave 3, which belongs to the intermediate impulse wave (3) from the middle of May.

Given the strength of the resistance level 2700,00, bearish divergence on the daily Stochastic and the bearish sentiment that can be seen across the cryptocurrency markets today, Ethereum cryptocurrency can be expected to fall to the next support level 2460.00 (which stopped the previous short-term correction 2).

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