The optimistic period in the cryptocurrency market for Ethereum ETF funds has given way to a more pessimistic phase due to decisions made by the SEC. This shift has resulted in the loss of the upward momentum in Ethereum’s price. The resistance level formed around $4,000 seems to remain a significant obstacle for the price of Ethereum.
Ethereum Chart Analysis
The rising channel formation on the daily Ethereum chart, which began with the ETF activity at the end of February, managed to break through 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 short-term scenario for Ethereum’s price.
The most important support levels to watch on the daily chart for Ethereum 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 the daily chart for Ethereum 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.
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ETH/BTC Chart Analysis
The descending 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 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 likely lead to an increase in Ethereum’s value.
