Ethereum Faces Resistance Following Silvergate Turmoil
Ethereum’s price has been facing significant resistance following the recent turmoil surrounding Silvergate. Despite this, there are still multiple support levels available to hold the price for now.
According to technical analyst Edris, on the daily timeframe, the price has been struggling to break above the $1800 level. The higher boundary of the large symmetrical triangle pattern and a bearish rejection has led to the breakdown of the 50-day moving average located around the $1600 mark.
The 200-day moving average, located around $1400, seems like the next probable support zone, followed by $1300, which could be tested if a deeper pullback occurs.
On the 4-hour chart, the price has been impulsively rejected from the $1650 level and is likely to test the $1500 support level soon. If this support level holds, ETH could potentially rebound and test the $1650 level again.
The recent turmoil surrounding Silvergate has caused some uncertainty in the market, leading to a pullback in Ethereum’s price. However, with multiple support levels available, the price may stabilize in the short term.
Investors and traders are advised to keep a close eye on the support levels and any potential news surrounding Silvergate, as it could have an impact on Ethereum’s price in the coming days.
