Ethereum

Bitcoin

Technical analysis in the cryptocurrency market is a key indicator, especially for investors trading in the futures market. So, what does technical analysis tell us about Ethereum, which was trading at $2160 at the time of writing? We examine it with detailed chart analysis and key support and resistance levels. 
<h2 class="p1" style="text-align: justify" id="ethereum-chart-analysis">Ethereum Chart Analysis</h2> 
The daily Ethereum chart shows a rising channel formation structure that has been providing clues to many investors, especially since July 2022. The fact that there has been no support or resistance break in this formation highlights its significance once again. Ethereum faced selling pressure as it failed to surpass a significant resistance level during the recent uptrend. 
The most important support levels to follow on the daily Ethereum chart are; $2135 / $1991 and $1868, respectively. Particularly, a daily bar close below the $2135 level, which has been a significant support during the recent selling pressure, will increase the selling pressure on Ethereum’s price. 
The most important resistance levels to watch on the daily Ethereum chart are; $2240 / $2375 and $2503, respectively. Especially, a daily bar close above the $2375 level, which has been a major obstacle during the recent upward momentum, will provide significant momentum to Ethereum’s price. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-290844 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/ethereum-gunluk-grafik-2.png" alt="" width="2514" height="1226"> 
<h2 class="p1" style="text-align: justify" id="eth-btc-chart-analysis">ETH/BTC Chart Analysis</h2> 
Ethereum has been continuously losing value against <a href="https://en.coin-turk.com/bitcoins-impressive-rally-might-take-a-breather/" data-wpel-link="internal">Bitcoin</a> since June, and this is clearly visible on the ETH/<a href="https://en.coin-turk.com/bitcoin-and-ethereum-price-volatility-hits-historic-lows-whats-happening/" data-wpel-link="internal">BTC</a> chart. The falling channel formation seen in the ETH/BTC pair could be an example of this situation. A triangular formation in the formation area in recent times could strengthen the pair. 
The most important support levels to follow on the daily ETH/BTC chart are; 0.05173 / 0.05028 and 0.04841, respectively. Particularly, a daily bar close below the 0.05173 level, which has been a significant support since October, could accelerate Ethereum’s loss of value against Bitcoin. 
The most important resistance levels to watch on the daily ETH/BTC chart are; 0.05450 / 0.05641 and 0.05927, respectively. Especially, a daily bar close above the 0.05450 level, which has not been surpassed recently, will enable Ethereum to gain value against Bitcoin. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-290847 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/ethbtc-grafik.png" alt="" width="2509" height="1239"> Continue Reading: <a href="https://en.coin-turk.com/ethereum-technical-analysis-and-market-predictions/" data-wpel-link="internal">https://en.coin-turk.com/ethereum-technical-analysis-and-market-predictions/</a>

Ethereum Technical Analysis and Market Predictions

Table of Contents

COINTURK NEWS

Other articles published on Dec 19, 2023

Deaton Sparks Debate on Bitcoin ETF Marketing Race Amidst New Bitwise Campaign

Ethereum Price Crashes As Bears Breach Critical $2,200 Mark

5 Reasons to Be Optimistic About Bitcoin in 2024

Revolut Suspends Crypto Trading for Corporate Clients in the UK

Lisk Price Prediction 2023-28: Will LSK Conquer $5 By 2025?

FIFA’s NFTs find instant trading frenzy

Join our free newsletter for daily crypto updates!