Spot Ethereum ETF funds’ optimistic trend in the crypto market was replaced by a pessimistic period following decisions by the SEC. This shift has resulted in the loss of the upward momentum in Ethereum‘s price. Particularly, the resistance level formed at $4,000 is likely to continue being a significant barrier for the price of Ethereum.
Ethereum Chart Analysis
The daily Ethereum chart’s rising channel formation 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 suggests a negative short-term scenario for Ethereum’s price.
The most important support levels to watch on Ethereum’s daily chart are, in order; $3,274 / $3,149 and $3,030. A daily bar close below the crucial support level of $3,274 will likely lead to a loss of momentum in Ethereum’s price.
The most important resistance levels to monitor on Ethereum’s daily 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 likely contribute to a gain in momentum for Ethereum’s price.
ETH/BTC Chart Analysis
The weekly ETH/BTC chart’s descending channel formation is a structure 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 watch on the weekly ETH/BTC chart are, in order; 0.04806 / 0.04598 and 0.04321 BTC. A weekly bar close below the key support level of 0.04806 BTC could lead to Ethereum losing value against Bitcoin.
The most important resistance levels to follow 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 likely lead to an increase in Ethereum’s value.
