Ethereum, the leading currency of altcoins, draws a better outlook than Bitcoin. While Bitcoin was experiencing a sharp pullback, Ether showed us that it is more resistant. The bull's struggle for $4,000 continues. However, there is a Bitcoin-related pullback here. BTC is down by an average of 2 percent per day. ETH, on the other hand, is spending the day with a close loss to the leading cryptocurrency. For Ethereum analysis, it needs to follow the 4K level again
Ethereum is correcting gains at $4,121 against the dollar. If there is a clear break above the $4,040 resistance, the ETH price could start afresh increase. Ether, which retreated to the levels of $ 3,600 two days ago, went up to $ 4,080 with a short rally. After some lingering here, it saw $4,120.
Ethereum, which could not hold above $ 4 thousand, has been in a decline since yesterday. In this process, where the bears were more active, the 4K level was broken. With the breakout from $ 4,000, a pullback of $ 150 was formed. This caused it to come up to $ 3,860 in the morning hours.
Ethereum Analysis: Will it be able to retake losses?
There was a break below the 23.6% Fib retracement level of the upward move from the $3,650 high to $4,120 high. Immediate resistance on the upside is near the $4,040 level. A clear move and recent bullish could start afresh increase in the near term.
On the other hand, the next stop for the bulls could be $4,120. A close above the $4,120 level is likely to trigger a move towards the $4,250 level.
For Ethereum analysis, it is also necessary to consider the support points. $3,885 and $3,650 are key support zones. Daily movement should be followed. Daily closes above $4,000 will be a safer indicator.