The optimistic period in the cryptocurrency market for Ethereum ETF funds has given way to a pessimistic phase due to decisions by the SEC. This development has caused the momentum of the Ethereum price increase to fall behind. In particular, the resistance formed at the $4,000 level will continue to be a significant barrier for the Ethereum price.
Ethereum Chart Analysis
The rising channel formation on the daily Ethereum chart, which began at the end of February with ETF movements, managed to break the resistance line. However, recent developments 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 the Ethereum price.
The most important daily support levels to watch for Ethereum are; $3,274 / $3,149, and $3,030 respectively. A daily bar close below the significant support level at $3,274 will likely lead to a loss of momentum in the Ethereum price.
The most important daily resistance levels to watch for Ethereum 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 help Ethereum gain momentum.
ETH/BTC Chart Analysis
The falling channel formation structure on the weekly ETH/BTC chart is something investors should carefully monitor. 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 key support level at 0.04806 BTC could lead to Ethereum losing value against Bitcoin.
The most important resistance levels to watch 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.
