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Ethereum Stays Strong Ahead Of The Weekend

Ethereum Tests Resistance At $4,150

Ethereum continues its attempts to settle above the resistance level at $4,150 while Bitcoin is moving higher after yesterday’s pullback.

The world’s leading cryptocurrency has recently made at attempt to settle below the $62,000 level but failed to develop sufficient downside momentum and rebounded towards $63,000. In case Bitcoin manages to settle above $63,000, it will head towards the recent highs at $67,000 which will be bullish for the whole crypto market, including Ethereum.

Other cryptocurrencies are also moving higher. XRP managed to settle above $1.10 and is moving towards $1.11 while Dogecoin has recently managed to climb back above the resistance at $0.2450.

Technical Analysis

Ethereum is currently trying to settle above the resistance level which is located at $4,150. RSI has moved a bit closer to the overbought territory but there is enough room to develop additional upside momentum in case the right catalysts emerge.

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If Ethereum manages to get above the resistance level at $4,150, it will move towards the next resistance level near $4,400. Yesterday, Ethereum made an attempt to get above this level but faced significant resistance. This is not surprising as Ethereum is trying to get above all-time highs, and some traders decide to take profits off the table. In case Ethereum manages to settle above $4,400, it will gain additional upside momentum and move to new highs.

On the support side, the nearest support level for Ethereum is located at $4,000. In case Ethereum declines below this level, it will head towards the next support at $3,800. A successful test of this support level will open the way to the test of the support at the 20 EMA at $3,650. If Ethereum declines below the support at the 20 EMA, it will gain additional downside momentum and move towards the next support level which is located at the 50 EMA at $3,360.

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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