Ethereum Moves To New Highs At The Start Of The Week

Ethereum Stays Strong While Bitcoin Gets Closer To All-Time Highs

Ethereum has recently managed to settle above the resistance at $4,650 and moved to new highs while Bitcoin tested the $66,000 level.

The world’s leading cryptocurrency gained strong upside momentum in recent days and moved from the $60,000 level to the $66,000 level. If Bitcoin settles above $66,000, it will head towards all-time highs near $67,000 which will be bullish for the whole crypto market.

Meanwhile, other cryptocurrencies are mostly moving higher. Dogecoin is currently trying to settle above $0.28 while XRP is moving towards the $1.30 level. Shiba Inu lost momentum after the recent rebound and is currently trying to settle below $0.000055.

The general market mood remains bullish, and it looks that Ethereum has a very good chance to get to the test of the psychologically important $5,000 level.

Technical Analysis

Ethereum settled above the resistance level at $4,650 and continued to move higher. RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

The nearest resistance level for Ethereum has recently emerged near $4,770. In case Ethereum manages to settle above this level, it will head towards the psychologically important $5,000 level. A move above this level will likely attract more speculative traders and provide Ethereum with an opportunity to gain additional upside momentum.

On the support side, the previous resistance level at $4,650 will likely serve as the first support level for Ethereum. If Ethereum moves back below this level, it will head towards the next support at $4,535.

A successful test of the support at $4,535 will open the way to the test of the next support which is located at $4,380. In case Ethereum declines below this level, it will continue its pullback and head towards the support which is located at the 20 EMA at $4,170.

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