After the events of the evening of January 10, Bitcoin experienced a loss in value during the day, which helped many altcoin projects to appreciate in value. Particularly, the altcoin king Ethereum gained significant momentum, attracting everyone’s attention. Moreover, the more than 3% increase in the ETH/BTC pair in the last 24 hours indicates that investors’ expectations for Bitcoin have diminished.
Ethereum Chart Analysis
The first notable formation structure in the four-hour Ethereum chart is the ascending channel formation. The resistance break that occurred in the first week of December turned out to be just a bull trap, and ETH faced significant selling pressure at the resistance level. ETH managed to surpass the EMA 200 (red line) level in the latest bar formations, thereby gaining significant momentum.
The most important support levels to follow on the four-hour ETH chart are, respectively; 2343 / 2304 and 2246 dollars. Particularly, a four-hour bar close below the 2343 dollar level, which plays an important role in the latest bar formations and intersects with the EMA 21 (blue line), could lead to ETH facing selling pressure.
The most important resistance levels to watch on the four-hour ETH chart are, respectively; 2407 / 2448 and 2481 dollars. Especially, a four-hour bar close above the 2407 dollar level, which has been a significant barrier since December 25, will help Ethereum’s price gain momentum.
ETH/BTC Chart Analysis
In the ETH/BTC chart, the descending channel formation structure in the daily chart continues to be relevant. The ETH/BTC pair, which touched the support level on January 9, managed to gain significant momentum today with the rise of Ethereum. In addition, the pair has managed to surpass the EMA 21 level, and currently, following the daily bar close is of great importance.
The most important support levels to follow in the daily ETH/BTC pair are, respectively; 0.05239 / 0.05082 and 0.04975. Especially, a daily bar close below the 0.05239 level, which has been left behind as a resistance after the recent rise, could lead to Ethereum losing value against Bitcoin.
The most important resistance levels to watch in the ETH/BTC pair are, respectively; 0.05349 / 0.05447 and 0.05626. Especially, a daily bar close above the 0.05626 level, which has been a major barrier in recent months, could lead to Ethereum gaining value against Bitcoin.
