The optimistic phase in the crypto market for Ethereum ETF funds has given way to a more pessimistic period following decisions 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 continue to be a significant obstacle for Ethereum’s price.
Ethereum Chart Analysis
The rising channel formation on the daily Ethereum chart, which began with ETF activity at the end of February, succeeded in breaking the resistance line. However, recent developments 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 the daily Ethereum chart are, in order; $3274, $3149, and $3030. A daily bar close below the crucial support level of $3274, especially in recent days, will lead to a loss of momentum in Ethereum’s price.
The most important resistance levels to monitor on the daily Ethereum chart are, in order; $3420, $3664, and $3931. A daily bar close above the $3420 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 closely 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 pay attention to on the weekly ETH/BTC chart are, in order; 0.04806, 0.04598, and 0.04321 BTC. A weekly bar close 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 watch on the weekly ETH/BTC chart are, in order; 0.04981, 0.05178, and 0.05510 BTC. A weekly bar close above the 0.05510 BTC level, which intersects with the EMA 21 (green line), will help Ethereum gain value.
