Ethereum Gains Some Ground At The Start Of The Week

Ethereum Moves Higher While Bitcoin Tries To Settle Above $66,000

Ethereum has recently made an attempt to settle below the support at $4,535 but failed to develop sufficient downside momentum and rebounded towards the resistance at $4,650 while Bitcoin tried to settle above the $66,000 level.

Bitcoin received strong support near the 20 EMA at $63,400 which indicated that its upside momentum remained strong. In case Bitcoin manages to settle above the $66,000 level, it will move towards the significant resistance level at $67,000 which will be bullish for the whole crypto market.

Other cryptocurrencies show mixed dynamics today. Solana has recently managed to climb back above the $240 level. XRP is testing the resistance at $1.20. Meanwhile, meme cryptocurrencies are moving lower. Dogecoin is trying to settle back below the support at the 20 EMA at $0.2630 while Shiba Inu is testing the support at the 20 EMA at $0.000053.

Technical Analysis

Ethereum has recently made an attempt to settle below the low end of the current upside channel but did not manage to develop sufficient downside momentum. This is an important moment for Ethereum bulls as Ethereum is slowly trending higher in an upside channel, and a move out of this channel will signal that Ethereum will try to develop material downside momentum.

In case Ethereum manages to settle below the support at $4,535, it will head towards the next support level which is located at the 20 EMA at $4,380. A successful test of this level will open the way to the test of the support at $4,300. In case Ethereum gets below $4,300, it will move towards the support level near $4,200.

On the upside, a move above $4,650 will push Ethereum towards the resistance at $4,770. In case Etheeum climbs back above the resistance at $4,770, it will head towards the resistance at $4,840. If Ethereum manages to settle above this level, it will head towards the psychologically important $5,000 level.

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