Ethereum Stabilizes After Recent Pullback
The world’s leading cryptocurrency has recently made another attempt to get to the test of the support at $56,000. Bitcoin remains in the range between the support at $56,000 and the resistance at $57,700, but it is slowly sliding towards the low end of this range. In case Bitcoin declines below the support at $56,000, selling pressure will likely intensify.
Other cryptocurrencies show mixed dynamics today. Solana pulled back towards the $230 level while XRP found support near $0.96 and rebounded towards the $0.98 level. Shiba Inu managed to settle below the 50 EMA at $0.00004050 and is moving towards the support level at $0.000040 while Dogecoin is trying to get above the $0.21 level.
Ethereum has recently made another attempt to settle below the support level at $4,535 but failed to develop sufficient downside momentum. Currently, it is trying to develop upside momentum. RSI is in the moderate territory, and there is plenty of room to develop upside momentum in case the right catalysts emerge.
In case Ethereum manages to stay above the support at $4,535, it will move towards the resistance level at $4,650. A move above this level will push Ethereum towards the next resistance which is located at $4,770. If Ethereum gets above $4,770, it will head towards the resistance at $4,865.
On the support side, Ethereum needs to get below the support at $4,535 to have a chance to develop downside momentum in the near term. The next support level for Ethereum is located at the 20 EMA at $4,390.
In case Ethereum manages to settle below the 20 EMA, it will head towards the next support level at $4,200. A successful test of the support at $4,200 will open the way to the test of the next support which is located at the 50 EMA at $4,100.
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This article was originally posted on FX Empire