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Ethereum reversed from resistance level 2160

Ethereum cryptocurrency recently reversed down strongly from the pivotal resistance level 2160.00 (former multi-month support from January, acting as the resistance after it was broken) – standing near the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of May. The upward reversal from the resistance level 2160.00 stopped the previous correction 4.

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Given the strong daily downtrend and the worsening of the risk sentiment seen across the cryptocurrency markets today – Ethereum cryptocurrency can be expected to fall further toward the next support level 1910.00.

ETHUSD - Primary Analysis - May-16 1252 PM (1 day)

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