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In the cryptocurrency market, technical analysis is a crucial indicator that investors, especially those trading in the futures market, need to continuously follow. So, what kind of clues does the technical analysis of Ethereum, which was trading at $2208 at the time of writing this article, give us? We examine this in detail with the chart analysis and important support and resistance levels.
Ethereum Daily Chart Analysis
The most important formation structure in the daily Ethereum chart is the ascending channel formation. Accordingly, after losing a four-day battle at a significant resistance level during the latest uptrend, ETH encountered significant selling pressure. The last bar formation, which received support from the EMA 21 (green line) level, is very important for ETH.
The most important support levels to follow on the Ethereum chart are, in order, $2135 / $1991 and $1868. Especially if a daily bar closes below the $2135 level, which served as an important support during the last drop, this will increase selling pressure on the ETH front.
The most important resistance levels to watch on the Ethereum chart are, in order, $2240 / $2375 and $2503. Especially if a daily bar closes above the $2375 level, which ignited the last drop and stands as an important resistance level, this will give momentum to the ETH price.
Ethereum Four-Hour Chart Analysis
The most important formation structure to follow on the Ethereum four-hour chart is the ascending channel formation. Accordingly, in the formation where the support line intersects with EMA 200 (red line), the ETH price has been subjected to selling pressure after many contacts with the resistance line. The fact that ETH touched the support line during the drop suggests a positive scenario.
The most important support levels to note on the four-hour chart for Ethereum are, in order, $2148 / $2090 and $2019. Especially if a bar closes below the $2148 level, which has taken on an important role during the last drop, this will result in selling pressure.
The most important resistance levels to follow on the four-hour Ethereum chart are, in order, $2257 / $2311 and $2394. Especially if a bar closes above the $2394 level, this will give momentum to the ETH price with the formation breakout.
