While the cryptocurrency market continues to experience a period of low volume, positive token-based news keeps coming. Grayscale, which drew attention with its recent victory against the SEC, filed an ETF application for Ethereum with the SEC yesterday. Although such news is known to cause a short-term price increase, the price of Ethereum did not react positively or negatively.
Ethereum Chart Analysis
In my chart analysis, I try various methods to capture different formations, and today I noticed a formation on the Ethereum chart. I wanted to share the triangle formation in the weekly Ethereum chart, but it is not healthy to make interpretations unless there is a breakout of support or resistance in such formations. It is worth noting that formations that work flawlessly in traditional markets can lead to significant losses in the crypto market.
The most important support levels to consider in the long-term Ethereum chart are 1539, 1463, and 1354 dollars, respectively. Especially a weekly close below the 1463 dollar level could cause a significant loss in the Ethereum price. The resistance levels are 1670, 1730, and 1874 dollars, respectively. A weekly close above 2100 dollars outside of these levels could trigger a rally in the Ethereum price.
Ethereum 1-Hour Chart Analysis
The first notable formation in the 1-hour chart is the ascending channel formation. This formation, which also resembles a wedge formation based on resistance points, has experienced a significant increase especially with the support it received from the support line. While the support of the EMA 200 level in the recent bars strengthens the price in the short term, it may also be a precursor to positive news flow.
The support levels to pay attention to in the short term are 1619, 1582, and 1550 dollars, respectively. Especially, if a 1-hour close is made below the 1619 level, three important factors play a role and it could cause a price drop. The resistance levels are 1638, 1659, and 1676 dollars, respectively.
