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Ethereum Moves Higher As Global Markets Rebound

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·2 min read
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Ethereum Gains Ground At The Start Of The Week

Ethereum managed to gain strong upside momentum and made an attempt to settle above the resistance which has recently emerged at $4,380 while crypto markets continued to recover after Friday’s sell-off.

The global market mood is bullish today despite worries about the new variant of coronavirus. Global indices are moving higher as traders rush back into riskier assets. Rising demand for riskier assets provided material support to crypto markets.

The world’s leading cryptocurrency, Bitcoin, is currently trying to settle above the resistance level at $57,700. Dogecoin managed to get back above $0.2050 and attempts to gain additional upside momentum while Shiba Inu is trying to settle back above $0.000040. Solana has recently managed to move above the 50 EMA at $201.65. XRP moved back towards the $1.00 level.

Ethereum looks strong today, so it will likely be one of the leading major cryptocurrencies in case crypto markets continue to move higher today.

Technical Analysis

Ethereum’s recent attempt to settle below the 50 EMA near the $4,000 level was not successful, and the cryptocurrency quickly gained upside momentum, which is a bullish sign.

Ethereum has already managed to get above the 20 EMA at $4,280 and made an attempt to settle above the next resistance level at $4,380. In case Ethereum manages to settle above this level, it will head towards the next resistance level at $4,535. This resistance level has already been tested several times in recent days and proved its strength.

A move above $4,535 will push Ethereum towards the resistance at $4,650. In case Ethereum manages to settle above this level, it will head towards the next resistance level at $4,770.

On the support side, the previous resistance at the 20 EMA will serve as the first support level for Ethereum. A move below the 20 EMA will open the way to the test of the support at $4,200. In case Ethereum gets below this level, it will head towards the support at $4,100. A successful test of this level will push Ethereum towards the 50 EMA near the $4,000 level.

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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