The optimistic trend in the cryptocurrency market was replaced by pessimism with SEC decisions, and this hindered the rise of Ethereum. Especially the $4,000 resistance level continues to be a serious obstacle for the price.
Daily Chart Status of Ethereum
The rising channel formation in the daily chart of Ethereum broke the resistance line with ETF movements at the end of February. However, recent developments have opened the way for the price to lose this momentum. The EMA 9 level is currently acting as a strong resistance.
Important support levels to be followed for Ethereum on the daily chart are; $3274, $3149, and $3030. Especially a close below the $3274 support level could cause the price to fall.
On the other hand, the most important resistance levels on the daily chart are; $3420, $3664, and $3931. A close above the $3420 resistance level may indicate an increase in the price.
ETH/BTC Weekly Chart Analysis
The descending channel formation in the ETH/BTC pair should be closely monitored on the weekly chart. Despite the broken resistance line with ETF news, the pair continues to trade within the formation, indicating Ethereum’s loss against Bitcoin.
Important support levels to be followed for the ETH/BTC pair are; 0.04806, 0.04598, and 0.04321 BTC. The important resistance levels on the weekly chart are; 0.04981, 0.05178, and 0.05510 BTC.
Useful Information for the Reader
The rise of Ethereum has been challenged by SEC decisions.
Support and resistance levels in daily and weekly charts should be closely monitored.
EMA 9 and EMA 21 levels can act as critical resistance.
Closures below $3274 and 0.04806 BTC may cause Ethereum to lose value.
Closures above $3420 and 0.04981 BTC can contribute to price increase.
In conclusion, the current situation and chart analysis in the Ethereum market provide important indicators for investors’ buying and selling decisions.
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