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Ethereum's Market Performance and Prospects.
Despite the stagnant market conditions, Ethereum has performed well compared to other altcoins and is trading at $ 3398 with a decrease of 0.71% in the last 24 hours. Market analysts are wondering what path Ethereum will follow in the future.
Ethereum's ascending channel formation stands out on the weekly chart, and this formation broke the resistance line with the price increase on March 2. Important support levels for Ethereum are $3105, $2877 and $2714. If there is a weekly close below the $3105 level, this could cause Ethereum to lose momentum.
Resistance levels are seen as 3552, 3814 and 4043 dollars. A weekly close above the $3552 resistance level encountered on March 3 could see Ethereum gain value.
A falling channel formation stands out on the ETH/BTC weekly chart. A close below the EMA 200 level could lead to a negative outlook for Ethereum in the long term. However, a weekly close at the current level of 0.5517 could be a positive sign.
Important support levels for ETH/BTC are 0.05396, 0.05186, and 0.04978. While a close below the 0.05396 level will cause Ethereum to lose value against Bitcoin, if a weekly close occurs at the resistance levels 0.05642, 0.05864 and 0.06073, Ethereum is expected to gain momentum against Bitcoin.
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