Technical analysis in the cryptocurrency market is an important indicator, especially for investors trading in the futures market. What does the technical analysis say for Ethereum, which is trading at the level of $2160 at the time of writing? We examine it with detailed chart analysis and main support and resistance levels.
The daily Ethereum chart shows a rising channel formation structure that has been giving clues to many investors, especially since July 2022. The absence of any support or resistance break in this formation emphasizes its importance once again. Ethereum faced selling pressure after failing to overcome a significant resistance level in its recent uptrend.
The most important support levels to follow on the daily Ethereum chart are, respectively; $2135 / $1991 and $1868. In particular, a daily bar close below the significant support level of $2135, which was important during the last selling pressure, will increase the selling pressure on the price of Ethereum.
The most important resistance levels to watch on the daily Ethereum chart are, respectively; $2240 / $2375 and $2503. In particular, a daily bar close above the $2375 level, which was a major obstacle during the last surge in momentum, will give significant momentum to the price of Ethereum.
Ethereum has been continuously losing value against Bitcoin since June, and this is clearly visible on the ETH/BTC chart. The falling channel formation seen in the ETH/BTC pair could be an example of this situation. The triangle formation seen recently in the formation area could strengthen the pair.