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Ethereum Is Ready To Test All-Time Highs

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·2-min read
In this article:
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Ethereum Stays Strong

Ethereum is currently trying to settle above the resistance at $4,770 while Bitcoin is stuck in the $56,000 – $57,700 range.

Yesterday, Fed Chair Jerome Powell said that it was the time to “retire” the term “transitory” when speaking about inflation and also added that the Fed could cut its asset purchase program at a faster pace.

These comments put pressure on riskier assets as support from Fed served as one of the main catalysts of the rally from pandemic lows.

Interestingly, Powell’s comments had no material impact on Ethereum, which continued to move towards all-time high levels. At this point, Ethereum’s upside momentum is very strong, and it looks that the test of all-time highs is almost inevitable.

Other leading cryptocurrencies show mixed dynamics. Bitcoin declined below the support at $57,700 after an unsuccessful attempt to settle above the 50 EMA at $58,300. The nearest support level for Bitcoin is located at $56,000. If Bitcoin gets to the test of this level, other coins may also find themselves under pressure, but it remains to be seen whether such a move will be bearish for Ethereum.

Meanwhile, Shiba Inu pulled back below $0.000050 after the recent rally and is trying to settle below the support level at $0.00004450. Dogecoin also lost momentum after an unsuccessful test of the 20 EMA at $0.2265 and is trying to settle below the support level at $0.2150. Solana is currently trying to settle above the resistance at $216 while XRP is testing the resistance at $1.00.

Technical Analysis

Ethereum managed to settle above the resistance at $4,650 and is trying to settle above the next resistance level at $4,770.

In case Ethereum manages to settle above this level, it will move towards the next resistance which is located at all-time highs near $4,865.

A successful test of the resistance at $4,865 will push Ethereum towards the psychologically important $5,000 level.

On the support side, the previous resistance at $4,650 will serve as the first support level for Ethereum. In case Ethereum declines below this level, it will move towards the support at $4,535. A move below this level will open the way to the test of the support at the 20 EMA at $4,380.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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