Recent developments in the cryptocurrency markets have caused significant losses for investors. Geopolitical instabilities and macroeconomic data from the US have led to a decline in many altcoins, including Bitcoin. In this article, we will analyze the charts of Ethereum and focus on the levels that need to be monitored.
The two-hour chart of Ethereum shows a descending channel formation. The recent price movements indicate that the price has risen without touching the support zone and encountered resistance at the EMA 7 level. In both cases, negative developments that will affect the Ethereum price and a breakthrough of the resistance line are now necessary for a price increase.
Important support levels to watch on the two-hour chart of Ethereum are 1535, 1524, and 1505 dollars, respectively. Especially, a two-hour bar closing below the 1524 dollar level will accelerate the decline, and in this case, we can expect a test of the support line at 1505 dollars.
The resistance levels to watch on the two-hour chart of Ethereum are 1553, 1570, and 1595 dollars, respectively. Particularly, a two-hour bar closing above the 1570 dollar level will lead to the highest level in recent times and the breakthrough of the descending channel formation.
Since the decline following the bankruptcy of Terra in June 2022, an important support line has formed on the weekly chart of Ethereum. After the recent declines, the Ethereum price has broken this support for the first time. A weekly closing below this support could result in a significant loss for Ethereum and the ecosystem.
Important support levels to watch on the weekly chart of Ethereum are 1490, 1365, and 1249 dollars, respectively. Especially, the 1490 dollar level holds vital importance for Ethereum. A weekly bar closing at these levels could lead to a serious problem.
The resistance levels to watch on the weekly chart of Ethereum are 1659, 1841, and 2023 dollars, respectively. Particularly, a weekly bar closing above the 1841 dollar level would allow Ethereum to break free from the most challenging resistance zone in the short term and accelerate the upward movement.