Ethereum reversed from key support level 2300

Ethereum cryptocurrency recently reversed up with the daily Doji from the key support level 2300.00 (the previous monthly low from February) – strengthened by the lower daily Bollinger Band. The upward reversal from this support level 2300.00 stopped the previous short-term impulse wave C – which belongs to the primary ABC correction from last month.

Given the strength of the support level 2300 and moderately bullish sentiment seen across the cryptocurrency markets today – Ethereum cryptocurrency can be expected to rise toward the next resistance level 2500.00 (former support from the start of March).

ETHUSD - Primary Analysis - May-11 1216 PM (1 day)

 

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