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Yesterday the cryptocurrency market suffered heavy losses amid concerns about US President Joe Biden’s plan to raise taxes on capital gains, which could undermine investments in digital assets.

The Bitcoin, the largest and most popular of the cryptocurrencies, broke its psychological level of $ 50,000, for the first time since the beginning of March, although this morning of the American session we are seeing a recovery.

The Ethereum ETH / USD set a new all-time high at 2,645.97. However, yesterday it fell more than 13% due to the news from the United States to the zone of 2,107. Some traders and analysts say that this drop is market corrections before new highs and classified it as temporary.

On the 1-hour chart, we note that ETH / USD is recovering above Murray’s 6/8 support, and looking to break out of the 200 EMA located at 2,327 and Murray’s 7/8.

In view of the fact that the eagle indicator is pointing to the oversold zone, a correction is likely for the continuation of the downward movement to the support zone of $ 2,100.

Our recommendation is to sell below 2,343 and buy at 2,187, a consolidation is expected for the next few days at these price levels.

Support And Resistance Levels For April 23 – 26, 2021

Resistance (1) $2,303

Resistance (2) $2,450

Resistance (3) $2,587

Support (1) $2,231

Support (2) $2,120

Support (3) $1,932

The material has been provided by InstaForex Company – www.instaforex.com

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