The recent downturns in the cryptocurrency market have led to significant selling pressure across nearly all crypto assets, with Bitcoin being a notable example. Ethereum, one of the most popular crypto assets of recent times, has lost an important support level during the selling pressure. So, what is expected for Ethereum, which is trading at $2217 at the time of writing this article? Let’s examine together.
Ethereum Chart Analysis
The first noticeable formation structure in the daily Ethereum chart is the ascending channel formation. The bar formation occurring within this structure since October 2023 provided significant clues for many investors, but the recent downturn caused Ethereum to close below the support line. Ethereum, encountering strong selling pressure at the intersection of the EMA 21 and EMA 7 levels, faces a negative scenario in the short term.
The most important support levels to watch on the daily chart for Ethereum are; $2209 / $2161 and $2117, respectively. Particularly, a daily bar close below the $2161 level, which played a significant role in the last selling pressure, will cause Ethereum to lose momentum.
The most important resistance levels to watch on the daily chart for Ethereum are; $2242 / $2293 and $2335, respectively. Especially, a daily bar close above the $2335 level, which intersects with the formation support line, will help Ethereum’s price gain momentum.
ETH/BTC Chart Analysis
The first noticeable formation structure in the daily ETH/BTC chart is the descending channel formation. Ethereum’s recent price momentum has caused a significant rise in this pair, breaking the resistance level of the formation structure. However, the recent declines in the last bar formations have turned the formation resistance line into a support function.
The most important support levels to watch on the ETH/BTC chart are; 0.05571 / 0.05510 and 0.05447, respectively. Particularly, a daily bar close below the 0.05571 level, which intersects with the support line, could cause Ethereum to lose value against Bitcoin.
The most important resistance levels to watch on the ETH/BTC chart are; 0.05627 / 0.05712 and 0.05798, respectively. Especially, a daily bar close above the EMA 200 (red line) level will help Ethereum gain momentum against Bitcoin.
