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October continues to bring good news for investors in the cryptocurrency market. At the time of writing, Bitcoin was trading at $35,037, experiencing a 3.20% increase in the past 24 hours. Alongside Bitcoin, altcoins are also seeing significant gains. So, what’s happening with the king of altcoins, Ethereum? Let’s take a closer look at the important levels through chart analysis.
Ethereum Chart Analysis
The descending channel formation on the daily Ethereum chart was a cause for concern for many investors. However, with the recent price surges, the resistance in this pattern has been broken and ETH continues to rise. The EMA 200 level, which has been acting as a resistance for the past three days, was broken today. If the daily bar closes above this level, the upward momentum may accelerate.
The support levels to watch on the daily Ethereum chart are $1755, $1696, and $1613. Particularly, if the daily bar closes below the $1696 level, Ethereum may return to its previous formation structure, increasing the likelihood of a decline.
The resistance levels to monitor on the daily Ethereum chart are $1845, $1887, and $1943. The $1845 level, which was tested in the previous days, is currently one of the most important resistance levels that needs to be surpassed. If the daily bar closes above this level, it will help Ethereum gain momentum in its price increase.
Weekly Ethereum Chart Analysis
The rising channel formation on the weekly chart of Ethereum has remained intact since the collapse of Terra. The fact that there hasn’t been a bear trap even in the support zone has instilled confidence in this pattern. Most recently, Ethereum broke above the EMA 200 level. If the weekly closing occurs above this level, it will help accelerate the upward movement.
The support levels to pay attention to on the weekly Ethereum chart are $1651, $1522, and $1365. Especially, if a bar closes below $1522, it will break the long-standing pattern and trigger a decline.
The resistance levels to watch on the weekly Ethereum chart are $1857, $2038, and $2158. In particular, the $1857 level serves as a significant resistance in this area. A breakthrough at this level will help the price of Ethereum gain momentum and target a different range.
