While the current transaction price of Ethereum is at the level of 2350 dollars, what does technical analysis suggest to investors? We conduct a review based on detailed chart analysis and significant support-resistance levels.
In the daily Ethereum chart analysis, a rising channel formation that has been ongoing since July 2022 is observed. Ethereum’s price, which touched the support line in the second week of October, is approaching the resistance line with nearly two months of momentum increase.
Important daily support levels are 2214 / 2161 and 2088 dollars, respectively. A daily close below the significant level of 2214 dollars could lead to Ethereum facing selling pressure in the short term.
The resistance levels are 2381 / 2442 and 2514 dollars. A daily close above the level of 2381 dollars will help Ethereum’s price gain momentum.
In the weekly chart analysis, an inverse triangle formation draws attention. This formation, which generally increases the likelihood of a decline in traditional markets, led to a resistance breakout with the last bar increase in the Ethereum chart. Moreover, a weekly close above the resistance line will lead to Ethereum’s price gaining significant momentum.