Markets
Ethereum Moves Lower as Crypto Markets Pull Back
Major cryptocurrencies move lower as traders continue to take profits
Ethereum it failed to settle above the resistance at $4,770 and retreated Bitcoin moved lower after a failed attempt to settle above $65,000.
Today, cryptocurrency markets have lost positive momentum and most major cryptocurrencies are under pressure. Shiba Inu it is currently trying to settle below the 20 EMA at $0.00005335. Solana it faced strong resistance near the $240 level and is testing the $230 level. XRP attempts to stabilize below $1.20 while Dogemoneta it is trying to get back below $0.26.
At this point, it appears that major cryptocurrencies need further catalysts to test all-time highs. However, it should be noted that Ethereum and Bitcoin are trading near all-time highs, so a brief pause in the uptrend is natural as traders need to take some profits off the table following the rally.
Technical analysis
Ethereum faced significant resistance near $4,770 and pulled back. Currently, it is trading in the range between the support at $4,650 and the resistance at $4,770. Volatility has decreased in recent trading sessions and it appears that some traders have decided to take profits off the table following the strong rally.
From an overall perspective, Ethereum continues to move upwards in a strong bullish channel. Ethereum is currently in the middle of this channel, so this trend is not in danger at this time. Furthermore, the RSI is in moderate territory and there is ample room to gain further bullish momentum in case the right catalysts emerge.
In case Ethereum manages to settle above the resistance level at $4,770, it will have a great chance of getting to the test of the next resistance at the recent highs at $4,840. A move above this level will pave the way for the test of the next resistance at $5,000.
On the support side, Ethereum needs to settle below $4,650 to continue its pullback. The next support lies at $4,535. A successful test of this level will push Ethereum towards the support level at $4,380.
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This item was originally released on FX Empire