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Ethereum Remains Under Pressure While Bitcoin Stays Close To $60,000

By:
Vladimir Zernov
Published: Nov 17, 2021, 08:04 UTC

Ethereum is testing the support level at $4,200.

Ethereum Remains Under Pressure While Bitcoin Stays Close To $60,000

Ethereum Tries To Stabilize After Yesterday’s Sell-Off

Ethereum is currently trying to settle below the support level at $4,200 while Bitcoin continued to test the support at the 50 EMA at $59,100.

The world’s leading cryptocurrency has already made several attempts to settle below the 50 EMA, but these attempts yielded no results. This is an important moment for crypto markets as Bitcoin’s move below the 50 EMA may trigger a sell-off. In this scenario, Bitcoin may quickly get to the test of the next support level at $57,700.

Other cryptocurrencies show mixed dynamics after yesterday’s sell-off. Dogecoin is trying to settle back above $0.24 while Shiba Inu is testing the support at $0.000047. Solana is trying to settle below the support level at $216. Meanwhile, XRP attempts to get above the resistance at $1.10.

It looks that crypto traders are evaluating their options after yesterday’s sell-off. Crypto markets managed to stabilize, but it remains to be seen whether they are ready for a material rebound.

Technical Analysis

ethereum november 17 2021

Ethereum is currently testing the support level at $4,200. In case this test is successful, Ethereum will get to another test of the support level which is located at $4,100. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case Ethereum declines below the support at $4,100, it will head towards the next support which is located at the 50 EMA at $3,920. A move below the 50 EMA will open the way to the test of the support at $3,715.

On the upside, the nearest significant resistance level for Ethereum is located at the 20 EMA at $4,330. In case Ethereum manages to settle back above the 20 EMA, it will move towards the resistance level at $4,535.

A successful test of the resistance at $4,535 will push Ethereum towards the resistance at $4,650. If Ethereum moves above this level, it will head towards the resistance at $4,770.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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