Ethereum Moves Lower As Crypto Markets Pull Back

Leading Cryptocurrencies Move Lower As Traders Continue To Take Profits

Ethereum did not manage to settle back above the resistance at $4,770 and pulled back while Bitcoin moved lower after an unsuccessful attempt to settle above the $65,000.

Crypto markets have lost positive momentum today, and most leading cryptocurrencies are under pressure. Shiba Inu is currently trying to settle back below the 20 EMA at $0.00005335. Solana faced strong resistance near the $240 level and is testing the $230 level. XRP attempts to settle below $1.20 while Dogecoin is trying to get back below $0.26.

At this point, it looks that leading cryptocurrencies need additional catalysts to get to the test of all-time high levels. However, it should be noted that Ethereum and Bitcoin are trading close to record highs, so a brief pause in the upside trend is natural as traders need to take some profits off the table after rally.

Technical Analysis

Ethereum faced significant resistance near $4,770 and pulled back. Currently, it is trading in the range between the support at $4,650 and the resistance at $4,770. Volatility decreased in recent trading sessions, and it looks that some traders have decided to take profits off the table after the strong rally.

From a big picture point of view, Ethereum continues to move higher in a strong upside channel. Currently, Ethereum is located in the middle of this channel, so this trend is not in danger right now. In addition, RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case Ethereum manages to settle above the resistance level at $4,770, it will have a great chance to get to the test of the next resistance at the recent highs at $4,840. A move above this level will open the way to the test of the next resistance at $5,000.

On the support side, Ethereum needs to settle below $4,650 to continue its pullback. The next support is located at $4,535. A successful test of this level will push Ethereum towards the support level at $4,380.

For a look at all of today’s economic events, check out our economic calendar.