Ethereum Gains Ground As Crypto Markets Recover From Sell-Off
Ethereum Moves Higher While Bitcoin Tries To Get Back Above $51,000
Ethereum is currently trying to settle back above the 20 EMA at $4,355 while Bitcoin attempts to settle above $51,000.
Major cryptocurrencies have found buyers after the recent sell-off, and the whole crypto market is trying to rebound. Bitcoin managed to get back above the psychologically important $50,000 level after a major sell-off which pushed the world’s leading cryptocurrency towards the $42,000 level.
Interestingly, Ethereum performed much better than Bitcoin in recent weeks. Bitcoin Dominance, which shows the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is currently stuck near yearly lows at 41%. In case Bitcoin Dominance moves below the 40% level, traders may rush to find alternative crypto investments which will be bullish for Ethereum.
Other cryptocurrencies are also moving higher today. Dogecoin is trying to settle above $0.18 while Shiba Inu is moving towards the $0.000038 level. Solana is trying to get back above the $200 level. XRP has recently made an attempt to get above $0.85.
Technical Analysis
Ethereum managed to settle above the resistance at $4,200 and is trying to get above the 20 EMA at $4,355. In case this attempt is successful, Ethereum will gain additional upside momentum and head towards the next resistance level which is located at $4,535.
A move above the resistance at $4,535 will push Ethereum towards the next resistance level at $4,650. In case Ethereum manages to settle above this level, it will head towards the resistance at $4,770. A successful test of this level will open the way to the test of the resistance near all-time highs at $4,865.
On the support side, the nearest support level for Ethereum is located at $4,200. If Ethereum moves back below this level, it will head towards the support at the 50 EMA near $4,100. A move below the 50 EMA will open the way to the test of the support at $4,000. If Ethereum declines below this level, it will move towards the next support at $3,900.
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This article was originally posted on FX Empire
