Ethereum Tries To Rebound While Bitcoin Remains Under Pressure

Ethereum Managed To Find Support After Yesterday’s Sell-Off

Ethereum received support near the 50 EMA at $3,930 and is trying to rebound while Bitcoin remains under pressure.

Bitcoin has also made an attempt to rebound but failed to settle above the resistance at $57,700 and declined towards the $56,000 level. In case Bitcoin manages to settle below this level, it will gain additional downside momentum and move towards the support at $53,500 which will be bearish for the whole crypto market.

Unlike Bitcoin, other leading cryptocurrencies continue their attempts to rebound after yesterday’s sell-off. Shiba Inu is trying to settle back above the 50 EMA at $0.00004235 while Dogecoin has recently made an attempt to settle above $0.2250. Solana is also testing its 50 EMA at $197.70. XRP is trying to get back above $1.05.

It looks that crypto traders were ready to increase purchases in various cryptocurrencies after the pullback, but Bitcoin’s weakness is concerning. In case Bitcoin manages to gain additional downside momentum, other cryptocurrencies will likely find themselves under pressure.

Technical Analysis

Ethereum is currently trying to settle above the resistance level at $4,100. In case this attempt is successful, it will move towards the $4,200 level. A move above this level will open the way to the test of the 20 EMA which is located at $4,285.

If Ethereum manages to settle above the 20 EMA at $4,285, it will gain additional upside momentum and head towards the resistance at $4,535. A successful test of this level will push Ethereum towards the next resistance level at $4,650.

On the support side, the nearest material support level for Ethereum is located at the 50 EMA at $3,930. In case Ethereum manages to settle below the 50 EMA, it will move towards the next support level at $3,715.

A successful test of the support at $3,715 will push Ethereum towards the next support at $3,580. If Ethereum declines below this level, it will move towards the support at $3,400.

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