Ethereum pullback or fear, analysis for May 13, 2021

After reaching an all-time high yesterday at $ 4380, we have a massive pull of almost 20.0% to $ 3540. Looking at the four-hour time frame, we see that we now encounter resistance in the moving averages of the MA20 and EMA20, and if we look at the support in the MA50. Based on the current situation on the chart, we can expect the price of Ethereum to fall further, even to the moving averages of the MA200 and EMA200 to perhaps not so far $ 3,000 for one Ethereum. But before that, we have a critical support zone in the $ 3200-3400 zone. Looking at the MACD indicator, we see that the signal is a pure bearish signal, and with moving averages, they give us to support that we can expect the bearish trend to continue.
The bitcoin (BTC) and altcoins markets lost a total of $ 602 billion overnight in the shock, generated by Elon Musk.
The billionaire Elon Musk reversed the decision to accept Bitcoin for electric vehicles offered by his company Tesla. He cited concerns for environmental protection, noting that bitcoin mining requires a lot of burning of fossil fuels, especially coal. Altcoins tracked Bitcoin overnight, and they collectively lost more than $ 367 billion from their market capitalization, driven by massive downsides to some of the leading altcoins, including Dogecoin, a meme cryptocurrency recently backed by Musk.
Ether, Binance Coin, Bitcoin Cash, and LTC also reported a huge drop during the day after gains in previous daily sessions. The biggest factors that continually contribute to the rise of Ethereum as a blockchain project and as an investment asset include the rise of irreplaceable tokens – digital assets that represent ownership of unique virtual items – and DeFi. The upcoming upgrade of London in July, which proposes the transit of the Ethereum blockchain from energy-intensive proof of operation to faster proof of role, promises lower transaction fees and scalability. Bulls expect to have more crypto projects and increase demand for ETH tokens.