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The crypto market continues to exhibit the effects of the Christmas holiday. Recently, there has been selling pressure in leading altcoin projects in the crypto market, including Bitcoin, and a significant decrease in volatility levels. While eyes are turned to the spot Bitcoin ETF application processes, what do the chart analyses say for Ethereum, the altcoin king? Let’s examine together.
Ethereum Chart Analysis
The rising channel formation continues to be a topic of discussion in the daily Ethereum chart. Ethereum, which has gained momentum recently, has been stuck in a narrow range in the last few days, and investors should wait for a support or resistance breakout to determine the direction. The fact that the price of Ethereum remained below the EMA 21 (blue line) level at the last bar closing could lead to a negative scenario in the short term.
The most important support levels to watch for in the Ethereum chart are, respectively; $2256 / $2193 and $2134. Especially, a daily bar closing below the crucial $2256 level in recent days will cause Ethereum’s price to fall in the short term.
The most important resistance levels to watch for in the Ethereum chart are, respectively; $2306 / $2385 and $2490. A daily bar closing above the significant $2306 resistance level in recent days will help Ethereum’s price gain momentum.
ETH/BTC Chart Analysis
The first notable formation structure in the daily ETH/BTC chart is the descending channel formation. The absence of any support or resistance breakout in this formation structure provides important clues for investors. Ethereum, which has caught a notable momentum in the last two weeks, started to decline after touching the resistance.
The most important support levels to watch for in the ETH/BTC chart are, respectively; 0.05351 / 0.05200 and 0.05028. Especially, a daily bar closing below the 0.05351 level, which played a role in the last two bar formations, will cause Ethereum to lose value against Bitcoin.
The most important resistance levels to watch for in the ETH/BTC chart are, respectively; 0.05503 / 0.05626 and 0.05829. Particularly, a daily bar closing above the significant 0.05626 resistance level will enable Ethereum to gain value against Bitcoin.
