The optimistic phase in the crypto market for Ethereum ETF funds was replaced by a pessimistic period following decisions by the SEC. This development caused the upward momentum in the Ethereum price to fall behind. The resistance level formed especially at $4,000 continues to be a significant barrier for the price of Ethereum.
Ethereum Chart Analysis
The rising channel formation that started at the end of February due to ETF activities managed to break the resistance line on the daily Ethereum chart. 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 scenario for Ethereum’s price in the short term.
The most important support levels to watch on the daily chart for Ethereum are; $3,274 / $3,149, and $3,030 respectively. A daily bar closing below the crucial support level of $3,274 will lead to a loss of momentum in Ethereum’s price.
The most important resistance levels to monitor on the daily chart for Ethereum are; $3,420 / $3,664, and $3,931 respectively. 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 formation on the weekly ETH/BTC chart is a structure that investors should carefully monitor. Despite breaking the resistance line with ETF news, the ETH/BTC pair continues to trade within the channel formation, 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 closing below the key support level of 0.04806 BTC could lead to Ethereum losing value against Bitcoin.
The most important resistance levels on the weekly ETH/BTC chart are; 0.04981 / 0.05178, and 0.05510 BTC respectively. A weekly bar closing above the 0.05510 BTC level, which intersects with the EMA 21 (green line), will aid in Ethereum’s value gain.
