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 caused the momentum of the Ethereum price increase to lag behind. Particularly, the resistance formed at the $4,000 level seems to continue to be a significant barrier for the price of Ethereum.
Ethereum Chart Analysis
The rising channel formation that started at the end of February on the daily Ethereum chart managed to break the resistance line due to ETF activities. However, recent developments 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 scenario for Ethereum’s price in the short term.
The most important support levels to watch on the daily Ethereum chart are, in order; $3,274 / $3,149, and $3,030. In particular, a daily bar close below the significant support level of $3,274 will cause Ethereum’s price to lose momentum.
The most important resistance levels to monitor on the daily Ethereum chart are, in order; $3,420 / $3,664, and $3,931. Especially, a daily bar close above the $3,420 level, which intersects with the EMA 9, will enable Ethereum’s price to gain momentum.
ETH/BTC Chart Analysis
The falling channel formation structure on the weekly ETH/BTC chart is one that investors should follow closely. 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 support levels to pay attention to on the weekly ETH/BTC chart are, in order; 0.04806 / 0.04598, and 0.04321 BTC. Particularly, a weekly bar close below the crucial support level of 0.04806 BTC could lead to Ethereum losing value against Bitcoin.
The most important resistance levels to watch on the weekly ETH/BTC chart are, in order; 0.04981 / 0.05178, and 0.05510 BTC. Especially, a weekly bar close above the 0.05510 BTC level, which intersects with the EMA 21 (green line), will help Ethereum gain value.
