Ethereum, a leading cryptocurrency, continues to captivate investors, especially following the Bitcoin spot ETF developments. Recently, Ethereum’s price has risen by 2.38% in the last 24 hours, reaching a trading level of $2530. This article examines the potential scenarios for Ethereum’s price movements.
On the four-hour chart, Ethereum shows a rising channel formation without any significant support or resistance breaks, providing valuable insights for investors. The EMA 21 level acting as support suggests a positive short-term outlook for Ethereum.
Key support levels to watch on the four-hour chart are at $2507, $2464, and $2413. A close below the crucial $2507 level could lead to increased selling pressure on Ethereum’s price.
Important resistance levels on the four-hour chart are identified at $2547, $2599, and $2663. A close above the $2547 level could trigger a price increase for Ethereum.
The weekly chart highlights a narrowing wedge formation, with a resistance break occurring last week but closing below the resistance level. Key support levels on the weekly chart are at $2352, $2124, and $1938, with a close below $2124 signaling a potential long-term decline. Resistance levels to monitor are at $2559, $2716, and $2854, with a weekly close above $2559 potentially indicating an upward breakout and momentum gain for Ethereum.