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In the cryptocurrency market, technical analysis emerges as an indicator that investors, especially those trading in the futures market, should continuously monitor. So, what clues does technical analysis provide for Ethereum, which is trading at $2290 at the time the article was written? We examine it with a detailed chart analysis and key support and resistance levels.
Ethereum Daily Chart Analysis
Ethereum continues to show bar formations within a rising channel structure on the daily chart. The fact that this structure has been providing clues to investors since July 2022 once again underlines its significance. It is noticeable that there have been profit-taking actions on the Ethereum front in the last bar closures, but this selling pressure was short-lived.
The most important support levels to follow on the daily chart for Ethereum are; $2278, $2224, and $2163, respectively. Especially, if the daily bar closes below the $2278 level, which has served as an important support in the last two bar closures, Ethereum’s price will face selling pressure.
The most important resistance levels to watch on the daily chart for Ethereum are; $2345, $2405, and $2490, respectively. Particularly, a daily close above the $2345 level, which has been a major obstacle in recent weeks, will lead to significant momentum in Ethereum’s price.
Ethereum Weekly Chart Analysis
The weekly Ethereum chart shows a narrowing wedge formation that was broken last week, but the price did not stay above this region and encountered selling pressure. Moreover, the close of this week will be facing an important process for the price of Ethereum.
The most important support levels to follow on the Ethereum chart are; $2140, $1914, and $1734, respectively. Particularly, a weekly bar closure below the $2140 level, which plays an important role this week, could lead to significant selling pressure on Ethereum’s price.
The most important resistance levels to watch on the Ethereum chart are; $2447, $2727, and $3020, respectively. Especially, a weekly bar closure above the $2447 level, for the first time since June 2022, would result in seeing the highest levels and significant momentum in Ethereum’s price.
