A development in the cryptocurrency market has made a big impact on the day. The news that the SEC has approved the Bitcoin spot ETF application, which was put forward by a news source, caused excitement for everyone and led to a rise in the price of Bitcoin in particular. After officials issued a denial about this, the rise gave way to a decline and the unfounded claim caused many investors to suffer losses. So what is happening in the altcoin king Ethereum? Let’s examine together.
Ethereum Daily Chart Analysis
The first notable formation on the daily chart of Ethereum is the descending channel formation. The fact that there have been several support and resistance breakouts in this formation indicates that it does not provide a healthy trading advantage. Another negative factor that stands out is that the price has been below the EMA 200 in recent days.
The most important support levels to be considered on the daily chart of Ethereum are respectively; $1548, $1527, and $1491. In particular, a daily bar closing below the $1491 level could lead to a significant drop in the ETH price.
The most important resistance levels to be followed on the daily chart of Ethereum are respectively; $1598, $1642, and $1694. Especially, the breakout of the $1642 level, which is notable in today’s speculative rise, and the daily bar closing above this level will help the ETH price rise in the short term.
Ethereum Hourly Chart Analysis
The critical level in the hourly chart of Ethereum is the ascending channel formation that has been formed since October 13. The price, which experienced a breakout for the second time with today’s rise, returned to the formation after the return of selling pressure. However, the price staying above the EMA 200 and this level acting as support will have a positive impact on the price in the short term.
The most important support levels to be considered on the hourly chart of Ethereum are respectively; $1576, $1567, and $1553. In particular, a hourly closing below the $1553 level will cause the formation to lose its validity.
The most important resistance levels to be followed on the hourly chart of Ethereum are respectively; $1588, $1594, and $1610. Accordingly, a hourly bar closing above the $1594 level will cause the formation to work and a significant increase in the ETH price.
