Spot Ethereum ETF funds’ optimistic trend in the crypto market gave way to a pessimistic period following decisions by the SEC. This development has led to the loss of Ethereum‘s upward momentum. The resistance level formed around $4,000 continues to be a significant barrier for Ethereum’s price.
Ethereum Chart Analysis
The daily Ethereum chart showed a rising channel formation that managed to break the resistance line with the ETF activity starting at the end of February. However, recent events 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 Ethereum’s price.
The most important daily support levels to watch for Ethereum are; $3,274 / $3,149 and $3,030 respectively. Particularly, a daily bar closing below the critical support level of $3,274 could lead to a loss of momentum for Ethereum’s price.
The most important daily resistance levels to monitor for Ethereum are; $3,420 / $3,664 and $3,931 respectively. Especially, a daily bar closing above the $3,420 level, which intersects with the EMA 9, would help Ethereum’s price gain momentum.
ETH/BTC Chart Analysis
The weekly ETH/BTC chart features a falling channel formation 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 watch on the weekly ETH/BTC chart are; 0.04806 / 0.04598 and 0.04321 BTC respectively. A weekly bar closing below the crucial support level of 0.04806 BTC, which has been significant this week, could lead to Ethereum losing value against Bitcoin.
The most important resistance levels to follow on the weekly ETH/BTC chart are; 0.04981 / 0.05178 and 0.05510 BTC respectively. In particular, a weekly bar closing above the 0.05510 BTC level, which intersects with the EMA 21 (green line), would indicate an increase in Ethereum’s value.
