Crypto Daily – Ethereum reversed from support area

15 February, 2022Ethereum cryptocurrency recently reversed up from the support area lying at the intersection of the upper trendline of the recently broken down channel from December (acting as the support trendline after it was broken at the start of February), 20-day moving average and the 38.2% Fibonacci correction of the previous sharp upward impulse wave (1) from the end of January. The upward reversal from this support area started the active medium-term upward impulse wave (3).

Given the widespread rise sentiment improvement as seen across the cryptocurrency markets today – Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3255.00 (top of the previous impulse wave (1) from the start of February).

ETHUSD - Primary Analysis - Feb-15 1021 AM (1 day)

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