Ethereum Pulls Back As Crypto Markets Retreat

Ethereum Moves Lower As Bitcoin Gets Back To The Support At $56,000

Ethereum has recently made another attempt to settle above the 20 EMA at $4,290 but lost momentum as crypto markets found themselves under pressure.

The world’s leading cryptocurrency, Bitcoin, failed to settle above the resistance at $57,700 and pulled back closer to the nearest support level at $56,000. This support level has already been tested several times and proved its strength. In case Bitcoin manages to settle below $56,000, it will likely gain strong downside momentum which will be bearish for the whole crypto market.

Other cryptocurrencies are under pressure today. Shiba Inu has finally managed to settle below the support at the 50 EMA at $0.00004265 and declined towards $0.000039. Dogecoin moved to the support level at $0.22 after an unsuccessful attempt to settle above $0.2350. Solana pulled back towards the $216 level while XRP moved back below $1.05.

It looks that crypto traders are waiting for clues from Bitcoin, which is stuck in the $56,000 – $57,700 range. In case the world’s leading cryptocurreny manages to get above $57,700 and develops upside momentum, other coins should also rebound.

Technical Analysis

Ethereum continues its attempts to settle above the resistance at the 20 EMA at $4,290. The bulls have quickly bought all recent pullbacks and pushed Ethereum back towards the 20 EMA level.

However, the general crypto market sentiment has been mostly bearish in recent days, so Ethereum failed to develop sustainable upside momentum.

In case Ethereum manages to settle above the 20 EMA, it will move towards the resistance at $4,535. A move above this level will push Ethereum towards the resistance at $4,650. In case Ethereum gets above $4,650, it will head towards the resistance at $4,770.

On the support side, Ethereum needs to settle below the support level at $4,100 to have a chance to test the 50 EMA at $3,975. A move below the 50 EMA will signal that Ethereum is ready to develop additional downside momentum. In this case, Ethereum will move towards the next support at $3,715. In case Ethereum declines below this level, it will head towards the next support level which is located at $3,580.

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