Ethereum Stays Strong Ahead Of The Weekend

Ethereum Stays Strong Ahead Of The Weekend

By FX Empire | FX Empire | 23 Oct 2021


Ethereum Tests Resistance At $4,150

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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. XRPmanaged 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.

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.

 

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