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The optimistic phase in the crypto market for Ethereum ETF funds has given way to a pessimistic period following decisions by the SEC. This shift has caused the momentum of the Ethereum price increase to fall behind. The resistance level formed around $4,000 seems likely to continue being a significant barrier for the price of Ethereum.
Ethereum Chart Analysis
The rising channel formation on the daily Ethereum chart managed to break the resistance line with the ETF activity starting at the end of February. However, recent events have caused Ethereum’s price to lose momentum, pulling it back into the formation zone. The EMA 9 (blue line) acting as resistance at the time of writing highlights 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. A daily bar close below the crucial support level of $3,274, especially in recent days, will lead to a loss of momentum for Ethereum’s price.
The most important resistance levels to monitor on the daily Ethereum chart are, in order: $3,420 / $3,664, and $3,931. A daily bar close above the $3,420 level, which intersects with the EMA 9, will help Ethereum’s price gain 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 support levels to pay attention to on the weekly ETH/BTC chart are, in order: 0.04806 / 0.04598, and 0.04321 BTC. A weekly bar close below the significant support level of 0.04806 BTC, especially in this week’s formation, could lead to Ethereum losing value against Bitcoin.
The most important resistance levels on the weekly ETH/BTC chart 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 aid in Ethereum’s value appreciation.
