Ethereum Continues To Move Higher
The world’s leading cryptocurrency failed to gain additional upside momentum and declined below the $63,000 level. Other cryptocurrencies show mixed dynamics. Solana, Dogecoin and Shiba Inu are mostly flat while XRP managed to settle above the resistance at $1.10 and is trying to get above $1.13.
Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is currently trying to settle below the 45% level. Bitcoin Dominance gained downside momentum after an unsuccessful attempt to settle above the 48% level which indicates that traders’ interest in other cryptocurrencies is growing, which is bullish for Ethereum.
Ethereum has recently managed to settle above the resistance level at $4,150 and continues ot move higher. RSI is close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
The nearest resistance level for Ethereum is located near all-time highs at $4,400. There are no important levels between $4,150 and $4,400 so Ethereum has a good chance to get to the test of the resistance near $4,400 after the successful test of the previous resistance level at $4,150. If Ethereum manages to settle above $4,400, it will gain additional upside momentum and move to new highs as speculative traders will rush to buy the cryptocurrency in order to bet on its move towards the $5,000 level.
On the support side, the previous resistance at $4,150 will serve as the first support level for Ethereum. A move below this level will push Ethereum towards the $4,000 level. In case Ethereum declines below this level, it will head towards the next support level which is located near the 20 EMA at $3,800. A move below the 20 EMA will open the way to the test of the support at $3,675.
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This article was originally posted on FX Empire