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Spot Ethereum ETF funds had sparked optimism in the cryptocurrency market, but decisions by the SEC have led to a more pessimistic phase. This shift has caused the momentum of Ethereum‘s price increase to stall. The resistance level formed around $4,000 continues to be a significant barrier for the price of Ethereum.
Ethereum Chart Analysis
The rising channel formation on the daily Ethereum chart, which began at the end of February due to ETF activities, succeeded in breaking the resistance line. However, recent events have caused Ethereum’s price to lose momentum, drawing 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 the price of Ethereum.
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 close below the critical support level of $3,274 could lead to a loss of momentum for Ethereum’s price.
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 close above the $3,420 level, which intersects with the EMA 9, could lead to a gain in momentum for Ethereum’s price.
ETH/BTC Chart Analysis
The descending channel formation on the weekly ETH/BTC chart is a structure that investors should follow closely. Despite the resistance line being broken 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 could lead to Ethereum losing value against Bitcoin.
The most important resistance levels to track 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), could lead to an increase in Ethereum’s value.
