Ethereum Tests Support At $4,100 While Bitcoin Tries To Settle Below $56,000

Ethereum Lacks Momentum As Bitcoin Stays Under Pressure

Ethereum has recently made an attempt to settle above the resistance at $4,200 but failed to develop sufficient upside momentum and pulled back towards the support level at $4,100.

Meanwhile, Bitcoin continues its attempts to settle below the support level at $56,000. In case Bitcoin manages to settle below this level, it will move towards the next support level at $53,600 which will be bearish for other cryptocurrencies.

Crypto markets are under some pressure today, and most leading cryptocurrencies are moving lower. Solana managed to get below the support at $216 and is moving towards the $210 level. XRP is stuck in the tight $1.03 – $1.05 range. Dogecoin is currently trying to settle below $0.22 while Shiba Inu is testing the support at the 50 EMA at $0.00004285.

It should be noted that crypto markets have lost positive momentum in recent days, and it looks that their near-term performance will depend on whether Bitcoin manages to stay above the nearest support level at $56,000. If Bitcoin declines below this level, it will gain additional downside momentum which will have a negative impact on crypto markets.

Technical Analysis

Ethereum is testing the support level at $4,100. If this test is successful, Ethereum will head towards the next support at the 50 EMA at $3,950. 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 gets below the 50 EMA, it will move towards the support at $3,715. A successful test of this level will open the way to the test of the support at $3,580. In case Ethereum manages to settle below this level, it will move towards the support at $3,400.

On the upside, Ethereum needs to get above $4,200 to have a chance to test the resistance at the 20 EMA at $4,270. If Ethereum settles above the 20 EMA, it will move towards the next resistance at $4,535. A successful test of this level will open the way to the test of the resistance at $4,650.

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