Ethereum (ETH) Momentum Fades towards the Weekend

Ethereum maintains its price actions around the support zone at $4,535. That comes as the leading alt stabilizes following the recent correction.

Ethereum remains stuck around the $4,535 support zone as BTC continues its movements to maintain at the support of $56,000.

The world’s largest crypto recently attempted to test the $56,000 support. Nevertheless, Bitcoin trades inside the range from the $56,000 support to the $57,700 resistance. However, the pat sessions had the crypto gradually moving towards the bottom end of this price range. If Bitcoin plunges under the $56,000 support, BTC may suffer intensified selling pressure.

Meanwhile, other digital coins print mixed dynamics on Friday. Solana retraced towards $230 as XRP secured support at $0.96 before rebounding towards the price level at $0.98. Shiba Inu (SHIB) managed to settle under the 50 exponential moving average at $0.00004050 and moves to the support area at $0.000040. At the same time, Dogecoin attempts to rise past $0.21.

Ethereum Technical Analysis

Recent sessions had Ethereum attempting to stabilize under the support zone near $4,535. However, the altcoin failed to gather adequate downward momentum. Currently, the altcoin strives to gain upward strength. The Relative Strength index remains within a moderate region, with additional chances to gain upside momentum. Nevertheless, that would depend on the emergence of the correct catalysts.

If Ethereum (ETH) manages to keep the $4,535 support away, the altcoin will move to test the resistance at $4,650. Further upside actions will push ETH higher to the following resistance that stands at $4,770. If the second-largest digital coin surged past this area, it would retest the resistance zone at $4,865.

On the other hand, Ethereum would develop a downward momentum in the short term if it breaches the support of $4,535. The altcoin will have its next barrier at the 20 exponential moving average at $4,390.

If ETH settles under the 20-Exponential Moving Average, it may drop to the following support at $4,200. A successful retest of this level will clear the road towards the next footing at the 50-Exponential Moving Average at $4,100. Let us wait for what Ethereum will have during the weekend sessions. Stay tuned.

By Noe Cliff
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