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Ethereum Faced Resistance At The 20 EMA And Pulled Back

By:
Vladimir Zernov
Published: Nov 18, 2021, 07:53 UTC

Ethereum did not manage to settle above $4,330 and moved back towards the $4,200 level.

Ethereum Faced Resistance At The 20 EMA And Pulled Back

Ethereum Declines Together With Other Cryptocurrencies

Ethereum continues to trade near the support level at $4,200 while Bitcoin is trying to settle below the psychologically important $60,000 level.

Bitcoin has recently made an attempt to get above $61,000 but failed to develop sufficient upside momentum and pulled back towards the support level at $60,000. A move below $60,000 will push Bitcoin towards the 50 EMA which is located near $59,100. In case Bitcoin manages to settle below the 50 EMA, it will gain additional downside momentum which will be bearish for the whole crypto market.

Other leading cryptocurrencies are currently moving lower together with Bitcoin. Shiba Inu did not receive much support from the recent whale transactions and is currently trying to settle below the support level at $0.000047. Another meme cryptocurrency, Dogecoin, attempts to get below $0.23. Meanwhile, Solana managed to settle below the support at $216 and is moving towards the $210 level.

It looks that crypto markets’ recent attempt to rebound was not successful, and there is a growing risk of additional sell-off, which is bearish for Ethereum and other leading cryptocurrencies.

Technical Analysis

ethereum november 18 2021

Ethereum has recently made an attempt to settle above the 20 EMA at $4,330 but failed to develop sufficient upside momentum and pulled back towards the support level at $4,200.

In case Ethereum manages to settle back below the support at $4,200, it will get to the test of the next support level at $4,100. A move below this level will open the way to the test of the support at the 50 EMA at $3,935. If Ethereum declines below this level, it will move towards the support at $3,715.

On the upside, Ethereum needs to settle above the 20 EMA to have a chance to develop upside momentum in the near term. A successful test of the resistance at the 20 EMA will open the way to the test of the next resistance at $4,535.

In case Ethereum gets above $4,535, it will move towards the resistance at $4,650. A move above this level will push Ethereum towards the resistance at $4,770.

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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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