Ethereum failed to settle above $4,300 and pulled back towards the $4,200 level.
Ethereum failed to settle above the 20 EMA at $4,300 and declined towards the support at $4,100 while Bitcoin moved back below the 50 EMA at $59,000.
The world’s leading cryptocurrency has recently managed to gain downside momentum and settled below the support at the 50 EMA at $59,000. Currently, bitcoin is testing the next support level which is located at $57,700. In case this test is successful, Bitcoin will move towards the next support near the recent lows at $56,000 which will be bearish for the whole crypto market.
Other leading cryptocurrencies are mostly moving lower together with Bitcoin. Solana has recently moved back below the 20 EMA at $221.50 and is trying to settle below the support at the $216 level. XRP is trying to get below the support level at $1.02. Dogecoin managed to settle below the support at $0.2250 and is trying to settle below $0.22, while Shiba Inu stabilized near the 50 EMA at $0.00004290 and is trying to gain some upside momentum.
Ethereum is currently trying to settle back below the support level at $4,200. If Ethereum manages to settle below this level, it will head towards the next support level at $4,100.
A move below the support at $4,100 will push Ethereum towards the support level which is located at the 50 EMA at $3,950. In case Ethereum declines below the 50 EMA, it will gain additional downside momentum and head towards the support at $3,715.
If Ethereum settles below $3,715, it will head towards the next support at $3,580. A successful test of this level will open the way to the test of the support at $3,400.
On the upside, a move above $4,200 will push Ethereum back towards the 20 EMA at $4,300. In case Ethereum climbs above the 20 EMA, it will head towards the resistance level at $4,535. A move above this level will provide Ethereum with an opportunity to get closer to the next resistance at $4,650.
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Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.