Spot Ethereum ETF funds’ optimistic trend in the crypto market has given way to a pessimistic period following decisions by the SEC. This development has resulted in the loss of the upward momentum in Ethereum‘s price. The resistance level formed especially at $4,000 will likely continue to be a significant obstacle for the price of Ethereum.
Ethereum Chart Analysis
The rising channel formation on the daily Ethereum chart, which started at the end of February with ETF movements, managed to break the resistance line. However, recent events have caused Ethereum’s price to lose momentum, pulling the price back into the formation zone. The EMA 9 (blue line) acting as resistance at the time of writing suggests a negative short-term scenario for the price of Ethereum.
The most important daily support levels to watch for Ethereum are, in order; $3,274 / $3,149, and $3,030. A daily bar close below the crucial support level of $3,274, which has been significant in recent days, will cause Ethereum’s price to lose momentum.
ETH/BTC Chart Analysis
The descending channel formation on the weekly ETH/BTC chart is a structure that investors should carefully monitor. Despite breaking the resistance line with ETF news, the ETH/BTC pair continues to trade within the formation zone, indicating Ethereum’s loss of value against Bitcoin.
The weekly ETH/BTC chart’s support levels to watch are, in order; 0.04806 / 0.04598, and 0.04321 BTC. A weekly bar close below the important support level of 0.04806 BTC, which is significant in this week’s formation, could lead to Ethereum losing value against Bitcoin.
The most important weekly resistance levels to follow for ETH/BTC are, in order; 0.04981 / 0.05178, and 0.05510 BTC. A weekly bar close above the 0.05510 BTC level, which intersects with the EMA 21 (green line), will enable Ethereum to gain value.
