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The excitement for spot Bitcoin ETFs in the cryptocurrency market continues to grow, leading to increased volatility in many crypto assets, especially Bitcoin. The “altcoin king” Ethereum has recently seen processes that have caused a decrease in its upward momentum. So, what do the charts say for Ethereum, which is trading at $2245 at the time of writing? Let’s examine together.
Ethereum Daily Chart Analysis
The rising channel formation on Ethereum’s daily chart analysis has been ongoing since July 2022, providing investors with significant clues. A potential support or resistance break for Ethereum, which has recently lost its upward momentum, will determine the direction of its price.
The most important support levels to watch on the daily chart for Ethereum are; $2191 / $2123 and $2018 respectively. Particularly, a daily bar close below the crucial $2191 level, which has played a significant role in the past two weeks, will lead to selling pressure on Ethereum’s price in the short term.
The most important resistance levels to watch on the daily chart for Ethereum are; $2283 / $2348 and $2438 respectively. Especially after the drop on January 3rd, a daily bar close above the resistance level of $2283 will help Ethereum’s price gain momentum.
Ethereum 4-Hour Chart Analysis
The first noticeable formation structure in Ethereum’s four-hour chart analysis is the narrowing wedge formation. The fact that this formation structure starts with an ascending pattern increases the likelihood of the process ending with an uptrend. The EMA 200 (red line) acting as resistance in the recent upward movements is a negative sign in the short term.
The most important support levels to watch on the four-hour chart for Ethereum are; $2236 / $2193 and $2158 respectively. Particularly, a four-hour bar close below the significant level of $2236, which has been very important in the last bar closes, could lead to a short-term decline in Ethereum’s price.
The most important resistance levels to watch on the four-hour chart for Ethereum are; $2271 / $2303 and $2331 respectively. Especially, a four-hour bar close above the $2271 level, which intersects with the EMA 200, will help Ethereum’s price gain momentum.
