The cryptocurrency market saw notable activity on February 14th, with Bitcoin breaking past the $52,000 barrier, trading at $51,540. Simultaneously, Ethereum has been in the spotlight due to the anticipation surrounding spot Ethereum ETF applications, which could impact its price trajectory in the near term.
Ethereum’s Technical Outlook
Ethereum’s daily chart reveals a positive trend with a pattern of higher lows and higher highs. The digital currency recently tested its support and is now climbing, having surpassed its Exponential Moving Average (EMA) on the 9-day chart. This ascent suggests a strengthening bullish sentiment.
Traders are monitoring support levels at $2702, $2635, and $2568. A daily close below $2635 could signal a loss of bullish momentum. Conversely, resistance levels at $2775, $2828, and $2891 are key to Ethereum’s potential growth; overtaking the $2775 mark could propel the currency to new heights.
Long-Term Ethereum Market Dynamics
On the weekly chart, Ethereum has been consistently following a rising channel since July 2022, with the price respecting the channel’s boundaries. A break or touch of the channel’s resistance could be crucial in determining Ethereum’s longer-term price direction.
Support levels to watch include $2616, $2405, and $2158. Closing the week below $2616 could indicate a bearish shift. In terms of resistance, levels at $2766, $3029, and $3283 are pivotal; closing above $2766 could confirm bullish strength for Ethereum’s market value.