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Spot Ethereum ETF funds’ optimistic trend in the crypto market has given way to a pessimistic period following decisions by the SEC. This shift has resulted in the loss of the upward momentum in Ethereum‘s price. The resistance level formed at $4,000 seems to continue being a significant obstacle for Ethereum’s price.
Ethereum Chart Analysis
The rising channel formation on the daily Ethereum chart, which began at the end of February with ETF activity, managed to break the resistance line. 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 scenario for Ethereum’s price in the short term.
The most important support levels to watch on the daily Ethereum chart are; $3,274 / $3,149, and $3,030 respectively. A daily bar close below the significant 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 the daily Ethereum chart are; $3,420 / $3,664, and $3,931 respectively. A daily bar close above the $3,420 level, which intersects with the EMA 9, will likely lead to a gain in momentum for Ethereum’s price.
ETH/BTC Chart Analysis
The falling channel formation on the weekly ETH/BTC chart 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; 0.04806 / 0.04598, and 0.04321 BTC respectively. 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 follow on the weekly ETH/BTC chart are; 0.04981 / 0.05178, and 0.05510 BTC respectively. 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.
