The cryptocurrency market has recently been captivated by a growing rivalry between Solana and Ethereum, particularly due to developments in blockchain technology. In recent days, Solana’s price has seen a decline, while Ethereum’s price has been on the rise, potentially increasing interest in Ethereum.
Ethereum’s daily chart shows a rising channel formation, which has been of interest. After touching the support line in mid-October, Ethereum gained momentum, pleasing investors. The latest bar formation finding support at the EMA 21 level could signal a positive scenario for Ethereum’s price.
Key support levels to watch on the daily Ethereum chart are at $2316, $224, and $2163. A daily bar close below the $2163 level could lead to selling pressure on Ethereum’s price.
On the resistance side, important levels to monitor are $2405, $2490, and $2580. A daily bar close above the $2405 level could lead to Ethereum reaching new highs and gaining momentum.
The ETH/BTC pair highlights a falling channel formation. If the pair breaks through the current resistance, Ethereum could continue to appreciate against Bitcoin.
Important support levels for the ETH/BTC pair are at 0.05436, 0.05200, and 0.05028. A daily bar close below the recently breached 0.05436 level could lead to Ethereum losing value against Bitcoin.
For resistance in the ETH/BTC pair, levels to watch are 0.05641, 0.05927, and 0.06201. A daily bar close above the 0.05927 level, which intersects with the EMA 200, could signal significant momentum for Ethereum against Bitcoin.