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Ethereum Retreats Amid Global Market Sell-Off

·2-min read

Ethereum Declines As Traders Rush Out Of Riskier Assets

Ethereum failed to settle above the resistance level at $4,535 and pulled back towards the 20 EMA at $4.310 as global markets found themselves under strong pressure.

News about the new variant of coronavirus from South Africa have triggered a real panic. Traders rushed to safe-haven assets and sold riskier assets. Cryptocurrencies have also found themselves under material pressure.

Bitcoin failed to settle above the 50 EMA at $58,700 and moved back below the $57,000 level. The nearest material support level for Bitcoin is located at $56,000. In case Bitcoin declines below this level, it will gain additional downside momentum and move towards the next support level at $53,600 which will be bearish for Ethereum.

Not surprisingly, other cryptocurrencies are also moving lower today. Shiba Inu lost momentum after an unsuccessful attempt to settle above the 20 EMA at $0.00004650 and is trying to settle back below $0.000040. Dogecoin has recently managed to get below the important support level at $0.2150. Solana is testing the 50 EMA at $202.20 while XRP is trying to settle below $1.00.

Technical Analysis

Ethereum is currently testing the support level at the 20 EMA at $4,310. In case this test is successful, Ethereum will move towards the next support which is located near the $4,200 level.

A successful test of the support at $4,200 will open the way to the test of the next support at $4,100. if Ethereum manages to settle below this level, it will move towards the next support which is located at the 50 EMA near the $4,000 level.

On the upside, Ethereum needs to get above the resistance at $4,535 to have a chance to get closer to all-time high levels. If Ethereum settles above this level, it will move towards the next resistance at $4,650.

A move above $4,650 will push Ethereum towards the resistance at $4,770. In case Ethereum manages to settle above the resistance at $4,770, it will head towards the next resistance level at $4,865.

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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