Ethereum Technical Analysis: Holds EMA21 Suppor

Ethereum Technical Analysis: Holds EMA21 Suppor

Ethereum, in second place behind the leading cryptocurrency Bitcoin, has turned its direction down with the selling pressure yesterday. Facing selling pressure at the $1700 resistance, Ethereum has been falling for two days. The selling pressure, which was influenced by the news flow on the Bitcoin side, has left its place for optimism for today after the news from yesterday. Starting at the $ 1659 level yesterday, Ethereum closed the day at $ 1643 with a decrease of 0.98%, with purchases after retreating to $ 1595.

Ethereum, which started at the $ 1643 level, is trading at $ 1663 with an increase of 1.22% at the time of writing.

Ethereum Chart Analysis

Ethereum, which has been experiencing pullbacks with the intense selling pressure from the $ 1700 resistance level for two days, closed below the EMA5 support level of $ 1662, showing us that this pressure can continue. Ethereum, which fell below the EMA21 level before the news feed last night, closed above this support level after the news feed. Starting the day with buying, Ethereum is trading above the EMA5 level, trying to gather strength. If it closes above the EMA5, we can expect it to test the 1700 resistance zone again. If it fails to close above EMA5, $1627, which is EMA21, can be our first support point.

Ethereum Technical Analysis: Holds EMA21 Suppor

This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when deciding.

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