Investors in the cryptocurrency market, especially those engaged in futures trading, consider technical analysis as an important indicator. So, what clues does technical analysis provide for Ethereum, which is currently trading at $2061? Let’s look at the important support and resistance levels in Ethereum’s daily and two-hour chart analysis.
The rising channel formation structure continues in Ethereum’s daily chart. The bar formations that occurred after the FTX bankruptcy provide important clues to investors and continue to show details for futures traders. Additionally, Ethereum gained significant momentum after developments in Binance.
In the daily chart, the most important support levels to be monitored for Ethereum are $2031, $1928, and $1875, respectively. Especially if the daily bar closes below the critical level of $1928, it could lead to a significant loss of momentum for Ethereum.
The most important resistance levels to be noted for Ethereum in the daily chart are $2139, $2246, and $2336, respectively. If the daily bar closes above the important barrier of $2139, it could pave the way for significant momentum gain for Ethereum.
In the two-hour Ethereum chart, there was a breakout of a resistance level in the narrowing channel formation after the support touch on November 22nd, and Ethereum encountered a significant resistance level. The support line playing the role of resistance in recent bar formations can provide a positive scenario for the price.