Ethereum cryptocurrency can be expected to fall further toward the next support level 2355.00 (which reversed the price multiple times in September).
- Ethereum broke support zone
- Likely to fall to support level 2355.00
Ethereum cryptocurrency continues to fall after the earlier breakout of the support zone between the support level 2500.00 (former strong resistance from the end of August, as can be seen from the daily Ethereum chart below) and the support trendline of the daily up channel from August. The breakout of this support zone accelerated the active minor impulse wave c of the ABC correction 4 – which started earlier with the daily Japanese candlesticks reversal pattern Shooting Star from the resistance level 2780.00.
Given the increasingly bearish sentiment seen across the crypto markets today, with persistent outflows from the US spot Ethereum ETFs, Ethereum cryptocurrency can be expected to fall further toward the next support level 2355.00 (which reversed the price multiple times in September and the target price for the completion of the active correction 4).