Spot Ethereum ETF funds’ optimistic trend in the crypto market has been replaced by a pessimistic period following decisions by the SEC. This shift has caused the momentum of Ethereum‘s price increase to lag behind. Particularly, the resistance level 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 the price 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 closing below the crucial support level of $3,274, especially in recent days, will cause Ethereum’s price to lose momentum.
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 closing above the $3,420 level, which intersects with the EMA 9, will likely lead to a gain in Ethereum’s price momentum.
ETH/BTC Chart Analysis
The descending channel formation on the weekly ETH/BTC chart is a structure that investors should carefully follow. 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 closing below the significant support level of 0.04806 BTC, particularly in this week’s bar 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 likely lead to an increase in Ethereum’s value.
