Ethereum Tries To Rebound From Support At $4,535

·2 min read

Ethereum Pulled Back From Recent Highs

Ethereum has recently tested the support at $4,535 as crypto markets remained under some pressure.

Ethereum has recently made an attempt to get to the test of the all-time high levels, but renewed fears about the spread of the new variant of coronavirus have put material pressure on riskier assets.

Cryptocurrencies have been sensitive to global market sentiment in recent weeks, so the continuation of the sell-off in equity markets hurt crypto markets.

Currently, leading cryptocurrencies are moving lower, although losses are limited. Bitcoin has recently made another attempt to settle below the support at $56,000. If Bitcoin gets below this level, it may gain strong downside momentum and quickly get to the test of the next support at $53,600 which will be bearish for crypto markets.

Solana made an attempt to settle above $236 but lost momentum and declined below the $225 level. XRP managed to settle below $1.00 and tried to get below $0.95. Meme coins are also under pressure. Dogecoin is testing the support level at $0.2050 while Shiba Inu is trying to settle back below the 50 EMA at $0.00004260.

Technical Analysis

Ethereum tested the support level at $4,535, but this test yielded no results. The upside trend stays strong, and Ethereum will have a good chance to get to the test of all-time high levels in case global market sentiment improves.

The nearest resistance level for Ethereum is located at $4,650. If Ethereum gets above this level, it will move towards the next resistance at $4,770. A successful test of this level will push Ethereum towards the resistance at $4,865.

On the support side, a move below $4,535 will open the way to the test of the support level which is located at the 20 EMA at $4,375. In case Ethereum declines below this level, it will head towards the next support at $4,200. A move below $4,200 will push Ethereum towards the 50 EMA at $4,080.

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This article was originally posted on FX Empire