Ethereum

Momentum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-momentum-faces-challenges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Price Momentum Faces Challenges</a><br></p>
<p class="p1" style="text-align: justify">The optimistic period in the cryptocurrency market for <a href="https://en.coin-turk.com/massive-sell-offs-in-crypto-bitcoin-and-altcoins-face-critical-support/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a> ETF funds has given way to a more pessimistic phase due to decisions made by the SEC. This shift has resulted in the loss of the upward momentum in Ethereum’s price. The resistance level formed around $4,000 seems to remain a significant obstacle for the price of Ethereum.</p>
<h2 class="p1" style="text-align: justify" id="ethereum-chart-analysis">Ethereum Chart Analysis</h2>
<p class="p1" style="text-align: justify">The rising channel formation on the daily Ethereum chart, which began with the ETF activity at the end of February, managed to break through the resistance line. However, recent events have caused Ethereum’s price to lose momentum, pulling it back into the formation zone. The EMA 9 (blue line) acting as resistance at the time of writing suggests a negative short-term scenario for Ethereum’s price.</p>
<p class="p1" style="text-align: justify">The most important support levels to watch on the daily chart for Ethereum are, in order; $3,274 / $3,149, and $3,030. A daily bar closing below the crucial support level of $3,274, especially in recent days, will cause Ethereum’s price to lose momentum.</p>
<p class="p1" style="text-align: justify">The most important resistance levels to monitor on the daily chart for Ethereum are, in order; $3,420 / $3,664, and $3,931. A daily bar closing above the $3,420 level, which intersects with the EMA 9, will help Ethereum’s price gain momentum.</p>
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-338423 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/eth-grafik.png" alt="" width="2469" height="1107"></p>
<h2 class="p1" style="text-align: justify" id="eth-btc-chart-analysis">ETH/BTC Chart Analysis</h2>
<p class="p1" style="text-align: justify">The descending channel formation on the weekly ETH/<a href="https://en.coin-turk.com/a-closer-look-at-recent-bitcoin-price-trends-and-trading-volume/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> chart is a structure that investors should follow closely. Despite breaking the resistance line with ETF news, the ETH/BTC pair continues to trade within the channel, indicating Ethereum’s loss of value against <a href="https://en.coin-turk.com/red-bull-racing-teams-up-with-tezos-in-crypto-partnership/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>.</p>
<p class="p1" style="text-align: justify">The support levels to watch on the weekly ETH/BTC chart are, in order; 0.04806 / 0.04598, and 0.04321 BTC. A weekly bar closing below the significant support level of 0.04806 BTC, especially in this week’s formation, could lead to Ethereum losing value against Bitcoin.</p>
<p class="p1" style="text-align: justify">The most important resistance levels to follow on the weekly ETH/BTC chart are, in order; 0.04981 / 0.05178, and 0.05510 BTC. A weekly bar closing above the 0.05510 BTC level, which intersects with the EMA 21 (green line), will likely lead to an increase in Ethereum’s value.</p>
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-338422 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/ethbtc-grafik.png" alt="" width="2543" height="1203"></p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-price-momentum-faces-challenges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Price Momentum Faces Challenges</a></h5>

Ethereum Price Momentum Faces Challenges

Table of Contents

COINTURK NEWS

Other articles published on Apr 7, 2024

Crypto at Crossroads – How 2024 Global Elections Will Impact the Crypto Verse.

Popular Analyst Discusses the Future of Bitcoin: How Could the Price Move in the Coming Period?

Humanoid Robots: Bridging the Gap Between AI Innovation and Workforce Integration

April Brings a Rebound for Bitcoin and Potential All-Time Highs for Select Altcoins

Can $RECQ Presale Offer Redemption Amid Downward Price Movements On Tron And Chainlink?

Will KASPA (KAS) Reach $2-$4 by 2024?

Join our free newsletter for daily crypto updates!