The approval of Bitcoin ETF applications by the SEC has sparked new movements in the cryptocurrency market, with Ethereum (ETH) experiencing both an uptick in momentum and subsequent selling pressure. Investors are keenly observing the market to forecast Ethereum’s future trajectory.
Ethereum’s Technical Outlook
Ethereum’s price movement within an ascending channel on the daily chart has been a point of interest until a recent support break introduced selling pressure. This shift has raised concerns among investors as the support line now acts as resistance.
Critical support levels for Ethereum on the daily chart are identified at $2303, $2177, and $2084. A close below $2303, coinciding with the EMA 21, could signify a short-term loss in momentum for Ethereum’s price.
Conversely, resistance levels to watch are set at $2350, $2430, and $2627. Surpassing the $2350 resistance, a notable hurdle in recent formations, could propel Ethereum’s price forward.
ETH vs. BTC Comparative Analysis
The ETH/BTC chart shows a falling channel formation that persists despite the SEC’s delay in ETF applications. Key support levels on this chart are at 0.05355, 0.05245, and 0.05088, with a close below 0.05355 potentially diminishing Ethereum’s value against Bitcoin.
Important resistance levels are at 0.05461, 0.05555, and 0.05735. A close above the 0.05555 level, intersecting with the channel’s resistance, could signal an increase in Ethereum’s value relative to Bitcoin.
