Ethereum Tests Support At $4,100 While Bitcoin Tries To Settle Below $56,000
Ethereum Lacks Momentum As Bitcoin Stays Under Pressure
Ethereum has recently made an attempt to settle above the resistance at $4,200 but failed to develop sufficient upside momentum and pulled back towards the support level at $4,100.
Meanwhile, Bitcoin continues its attempts to settle below the support level at $56,000. In case Bitcoin manages to settle below this level, it will move towards the next support level at $53,600 which will be bearish for other cryptocurrencies.
Ethereum is testing the support level at $4,100. If this test is successful, Ethereum will head towards the next support at the 50 EMA at $3,950. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
In case Ethereum gets below the 50 EMA, it will move towards the support at $3,715. A successful test of this level will open the way to the test of the support at $3,580. In case Ethereum manages to settle below this level, it will move towards the support at $3,400.
On the upside, Ethereum needs to get above $4,200 to have a chance to test the resistance at the 20 EMA at $4,270. If Ethereum settles above the 20 EMA, it will move towards the next resistance at $4,535. A successful test of this level will open the way to the test of the resistance at $4,650.
Reference by: Investing.com