Ethereum Pulls Back After Unsuccessful Attempt To Settle Above The 20 EMA
Crypto Markets Are Under Pressure At The Start Of The Week
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.
Technical Analysis
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.
For a look at all of today’s economic events, check out our economic calendar.
