Ethereum Rebounds After Yesterday’s Pullback

Ethereum Moves Higher As Market Mood Stays Bullish

Ethereum received support near $4,535 and is currently trying to settle back above the resistance at $4,650 while Bitcoin is mostly flat.

The world’s leading cryptocurrency has recently pulled back towards the $63,000 level but managed to find support and rebounded closer to the $65,000 level. In case Bitcoin manages to settle back above $65,000, it will gain additional upside momentum and move towards the significant resistance at $67,000 which will be bullish for the whole crypto market.

The general market mood is bullish today, and leading cryptocurrencies are mostly moving higher. Solana has recently managed to settle back above the $240 level while XRP moved back above $1.20. Dogecoin is currently testing the resistance level at the 20 EMA at $0.2635. Shiba Inu also tries to settle above the 20 EMA which is located at $0.00005280. In case the bullish mood persists, Ethereum will have a good chance to get back to all-time high levels.

Technical Analysis

Ethereum failed to settle below the support level at $4,535 and rebounded towards the resistance level at $4,650. RSI has moved away from the overbought territory in recent trading sessions so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case Ethereum manages to settle back above the resistance level at $4,650, it will move towards the next resistance at $4,770. A successful test of this resistance level will push Ethereum towards the resistance at the recent highs at $4,840. In case Ethereum gets above $4,840, it will move towards the psychologically important $5,000 level.

On the support side, a move below $4,535 will open the way to the test of the support level at $4,380. If Ethereum declines below the support at $4,380, it will head towards the next support level at the 20 EMA near $4,300. A successful test of the support at the 20 EMA will open the way to the test of the next support level near $4,200.

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