Technical analysis in the cryptocurrency market is an important indicator that especially futures traders need to follow continuously. As of the time of writing, Ethereum, trading at $2208, what clues does its technical analysis provide us? We explore the answer to this question with detailed chart analysis and key support/resistance levels.
The most important formation structure in the daily Ethereum chart is the ascending channel formation. ETH, losing after a four-day battle at a clear resistance point during the last rise, encountered significant selling pressure. The last bar formation, which found support from the EMA 21 (green line) level, is very important for ETH.
The most important support levels to be followed on the Ethereum chart are $2135 / $1991 and $1868, respectively. Especially if a daily bar closes below the $2135 level, which served as important support during the last drop, this will increase selling pressure on the ETH front.
The most important resistance levels to be monitored on the chart are $2240 / $2375 and $2503, respectively. Particularly if a daily bar closes above the $2375 level, which triggered the last drop and stands as an important resistance point, this will give momentum to the ETH price.
The most important formation structure to be monitored in the four-hour Ethereum chart analysis is again the ascending channel formation. In this formation, where the support line intersects with EMA 200 (red line), ETH price has been exposed to selling pressure after many contacts with the resistance line. The price touching the support line during the drop indicates a positive scenario.