Significant developments occurred in the cryptocurrency market on February 14th. Bitcoin broke through the $52,000 resistance level and was trading at $51,540 at the time of writing, while Ethereum continues to make its mark on recent days. The process related to spot Ethereum ETF applications is directly affecting the ETH price. So, what can be expected for Ethereum in the coming days? Let’s examine together.
Ethereum Chart Analysis
The daily Ethereum chart highlights a rising channel formation. Ethereum, which touched the support line in the first week of February, has started to gain significant momentum in recent days. The price of Ethereum continues to rise, especially as it surpasses the EMA 9 (blue line) level.
The most important support levels to watch on the daily Ethereum chart are; $2702 / $2635, and $2568 respectively. A daily bar close below the crucial $2635 level, which has played a significant role in recent bar formations, could cause Ethereum’s price to lose momentum.
The most important resistance levels to watch on the daily Ethereum chart are; $2775 / $2828, and $2891 respectively. Particularly, a daily bar close above the $2775 level, which acted as resistance in today’s rise, would enable Ethereum’s price to reach its highest levels in recent years and gain significant momentum.
Weekly Ethereum Chart Analysis
The weekly Ethereum chart has been featuring a rising channel formation since July 2022. There have been no breaks of support or resistance within this channel region since the resistance break in August 2022. Today’s rise and a potential resistance touch could be a make-or-break moment for Ethereum.
The most important support levels to follow for Ethereum are; $2616 / $2405, and $2158 respectively. A weekly bar close below the notable $2616 level, which has stood out in recent bar formations, could cause Ethereum’s price to lose momentum in the long term.
The most important resistance levels to consider for Ethereum are; $2766 / $3029, and $3283 respectively. Especially, a weekly bar close above the $2766 level, which intersects with the formation’s resistance line, would help Ethereum’s price gain momentum.
