The excitement in the crypto markets following the approval of the Bitcoin ETF applications has brought possible spot ETF processes for Ethereum to the agenda. While these developments cause fluctuations in the ETH price, important levels are determined in price analyses.
Ethereum’s bullish momentum continued with the ascending channel formation on the daily chart. However, after the recent support breakout, Ethereum has been exposed to selling pressure and is now facing the formation’s support line acting as resistance.
On the daily chart review, critical support levels for Ethereum are listed at $2303, $2177, and $2084. A close below $2303, which intersects with the EMA 21 level, could signal a short-term decline in ETH price.
On the other hand, the resistance levels to watch for Ethereum are identified as $2350, $2430, and $2627. A daily close above $2350 could lead to the price regaining momentum.
In the ETH/BTC pair, the resistance break from the falling channel formation occurred, but transactions within the formation continue with the SEC's ETF application postponement news. Support levels for ETH/BTC should be monitored as 0.05355, 0.05245 and 0.05088, while resistance levels should be monitored as 0.05461, 0.05555 and 0.05735.#ETH’ #BİTCOİN #Ethereum
