The cryptocurrency market experienced a decline following the opening of Wall Street. At the time of writing, Bitcoin, which is trading at $34,229, experienced a 1.05% decrease in the last 24 hours, causing a ripple effect in the altcoin market. So, what is happening with the altcoin king Ethereum? Let’s examine it together with chart analysis and important levels.
Ethereum Chart Analysis
The first notable formation on the daily chart of Ethereum is an ascending structure. Ethereum started its rise without touching the support line in the recent uptrend and encountered a significant resistance at the EMA 200 level (red level), but this level acted as support in the last daily candle.
The most important support levels to be observed on the daily chart of Ethereum are respectively $1,758, $1,694, and $1,661. Especially, if the daily candle closes below the $1,758 level, it would weaken the short-term upward momentum and cause the price to fall below the EMA 200 average again.
The most important resistance levels to be monitored on the daily chart of Ethereum are respectively $1,857, $2,038, and $2,158. The fact that the $1,857 resistance level has been tested twice in the recent uptrend indicates its strength in the short term. However, a daily candle closing above the $1,857 level will accelerate the ETH uptrend.
ETH/BTC Chart Analysis
The breakdown of support in the descending channel formation that has been in effect for a long time in the ETH/BTC pair intensified the decline in this pair. The main reason for such a situation in a rising market is that the price of Bitcoin has been rising faster than the price of Ethereum. The support level that has been working in the ETH/BTC pair recently gives hope for the Ethereum price.
The most important support levels to be observed in the ETH/BTC pair are respectively 0.05179, 0.05088, and 0.04992. Especially, if a daily candle closes below the significant 0.05179 level, Ethereum will lose more strength against Bitcoin.
The most important resistance levels to be monitored in the ETH/BTC pair are respectively 0.05385, 0.05563, and 0.05692. In the short term, a bar closing above the 0.05563 level will first enable the breach of the EMA 7 (blue line) level.
