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 led to a slowdown in the upward momentum of Ethereum‘s price. Particularly, the resistance level formed at $4,000 seems to continue being a significant barrier for Ethereum’s price.
Ethereum Chart Analysis
The rising channel formation observed in the daily Ethereum chart managed to break the resistance line with the ETF activity that started 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 the daily Ethereum chart are, in order; $3,274 / $3,149, and $3,030. A daily bar closing below the critical support level of $3,274, especially in recent days, will contribute 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 closing 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 pattern in 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 channel, 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 closing 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 to follow on the weekly ETH/BTC chart are, in order; 0.04981 / 0.05178, and 0.05510 BTC. A weekly bar closing above the 0.05510 BTC level, which intersects with the EMA 21 (green line), will facilitate a gain in Ethereum’s value.
