Ethereum Pulls Back From Record Highs
Ethereum Is Moving Lower While Bitcoin Tries To Settle Below $66,500
Ethereum failed to settle above the resistance at $4,840 and pulled back towards $4,700 while Bitcoin moved below the $67,000 level.
The world’s leading cryptocurrency faced resistance near the $68,000 level and pulled back. Currently, Bitcoin is trying to settle below $66,500. In case this attempt is successful, Bitcoin will gain additional downside momentum and move towards the next support level at $64,300 which will be bearish for the whole crypto market.
Other cryptocurrencies are also moving lower today. Dogecoin is trying to settle below $0.27 while Shiba Inu is moving towards the support level at the 20 EMA at $0.00005335. Solana is trading near the $240 level. XRP has recently made an attempt to settle below $1.22.
It looks that traders have decided to take some profits off the table which is understandable given the recent strong performance of many cryptocurrencies.
Ethereum has recently managed to get below the support level at $4,770 and is trying to develop additional downside momentum. In case this attempt is successful, Ethereum will get to the test of the next support level which is located at $4,650.
A successful test of the support level at $4,650 will open the way to the test of the next support at $4,535. A move below this support level will push Ethereum towards the support at $4,380. In case Ethereum gets below $4,380, it will head towards the support at the 20 EMA at $4,280.
On the upside, the previous support level at $4,770 will serve as the first resistance level for Ethereum. In case Ethereum manages to settle back above this level, it will head towards the next resistance which is located near the recent highs at $4,840. A successful test of the resistance at $4,840 will indicate that Ethereum will try to gain additional upside momentum and move towards the psychologically important resistance level which is located at $5,000.
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