Ethereum manages to settle above the resistance level around $4,650 and advance to new highs.
Ethereum Maintains Its Strength As Bitcoin Approaches All-Time Highs
While Bitcoin reached the $66,000 barrier, Ethereum just managed to settle above the resistance around $4,650 and advance to new highs.
In recent days, the world’s most popular cryptocurrency has gained significant upside momentum, moving from $60,000 to $66,000. If Bitcoin trades above $66,000, it will be on its way to new all-time highs near $67,000, which will be bullish for the entire cryptocurrency market.
Other cryptocurrencies, on the other hand, are generally rising. Dogecoin is currently attempting to break through $0.28, while XRP is approaching $1.30. Shiba Inulost is currently attempting to settle below $0.000055 after a recent comeback.
The overall market sentiment is strong, and Ethereum appears to have a good chance of testing the psychologically significant $5,000 milestone.
Technical Analysis
Ethereum stabilized over the $4,650 resistance level and continued to rise. The RSI is approaching overbought territory, but there is still possibility for more positive momentum if the appropriate catalysts occur.
Ethereum’s next resistance level has lately shown near $4,770. If Ethereum can stay above this level, it will be on its way to the psychologically significant $5,000 mark.
A break above this level is expected to draw more speculative traders, giving Ethereum a chance to gain more upside momentum.
On the support side, Ethereum will most likely find support at the previous resistance level of $4,650. If Ethereum falls below this level again, it will fall to the next support level of $4,535.
A successful test of the $4,535 support will pave the way for the following support, which is placed at $4,380. If Ethereum falls below this level, it will resume its downturn and seek for support at the 20 EMA, which is now at $4,170.
