Yahoo Finance Ethereum Moves Higher As Crypto Markets Continue To Rebound After Recent Sell-Off
Ethereum Stays Strong While Bitcoin Is Stuck In The $50,000 – $51,000 Range
Ethereum continues its attempts to settle above the 20 EMA at $4,350 while Bitcoin is trying to get to another test of the resistance at $51,000.
Crypto markets are stabilizing after the recent volatility, and the world’s leading cryptocurrencies are trying to gain additional upside momentum. In case Bitcoin manages to settle above the $51,000 level, it will move towards the recent highs near $52,000 which will be bullish for the whole crypto market.
Other cryptocurrencies are mostly moving higher today. Dogecoin has recently managed to get back above $0.18 and is moving towards the recent highs near $0.1850. Shiba Inu remains stuck in the tight $0.000036 – $0.000037 range. XRP found support near the $0.80 level and is moving towards the $0.85 level while Solana is mostly flat near the $190 level.
Technical Analysis
The technical picture for Ethereum has not changed much compared to the previous day. Ethereum is trying to settle above the 20 EMA, which serves as an important resistance level. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
At this point, it looks that Ethereum needs an additional catalyst to settle above the 20 EMA. In case this catalyst emerges, Ethereum should quickly gain upside momentum and get to the test of the next resistance level which is located at $4,535. A move above this level will open the way to the test of the resistance at $4,650. If Ethereum climbs above $4,650, it will head towards the resistance at $4,770.
On the support side, a move below the 20 EMA will push Ethereum back towards the support level at $4,200. If Ethereum moves below this level, it will get to the test of the 50 EMA near $4,100. A successful test of the support at the 50 EMA will push Ethereum towards the next support at $4,000.
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This article was originally posted on FX Empire
