Ethereum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereums-price-surge-halted-by-sec-indecision-and-market-resistance">Ethereum’s Price Surge Halted by SEC Indecision and Market Resistance</a><br></p>
<p style="text-align: justify"> The <a href="https://en.bitcoinhaber.net/unlocking-the-potential-major-unlock-event-anticipated-for-defi-token-dydx">cryptocurrency</a> community, recently buoyed by the advent of <a href="https://en.bitcoinhaber.net/high-profile-ethereum-transfers-spike-exchange-activity">Ethereum</a> ETF funds, has hit a snag following the SEC’s hesitancy to fully embrace the new investment vehicles. This regulatory uncertainty has put the brakes on Ethereum’s price rally, with the $4,000 mark proving to be a tough resistance point to overcome. </p> 
<h2 id="analysis-of-ethereum-s-market-position">Analysis of Ethereum’s Market Position</h2> 
<p style="text-align: justify"> Ethereum’s chart had shown promising signs with a rising channel formation that was initiated towards February’s end, credited to the ETF-linked activities. This momentum was short-lived as the price of Ethereum has since been drawn back into the previous range. Currently, the EMA 9 serves as a resistance, indicating a potentially bearish outlook in the immediate term. </p> 
<p style="text-align: justify"> Key support levels to watch include $3,274, $3,149, and $3,030. If Ethereum’s price were to close below $3,274, it could signify a further loss in its upward drive. Conversely, resistance levels at $3,420, $3,664, and $3,931 are critical, with a close above $3,420 potentially rekindling bullish momentum. </p> 
<h2 id="ethereum-against-bitcoin-a-comparative-analysis">Ethereum against Bitcoin: A Comparative Analysis</h2> 
<p style="text-align: justify"> On the weekly ETH/BTC chart, the scenario is outlined by a descending channel pattern that demands investors’ attention. Despite positive movements from ETF news, Ethereum has not shown significant strength against <a href="https://en.bitcoinhaber.net/bitcoins-shifting-landscape-long-term-holders-liquidate-while-etfs-intensify-accumulation">Bitcoin</a> and remains within the channel’s confines. </p> 
<p style="text-align: justify"> For the ETH/BTC pair, support is found at 0.04806, 0.04598, and 0.04321 BTC. Closing below 0.04806 BTC could further Ethereum’s decline relative to Bitcoin. Important resistance levels are identified at 0.04981, 0.05178, and 0.05510 BTC, with a breakthrough above 0.05510 BTC potentially marking a resurgence in Ethereum’s comparative value. </p> 
<h2 id="points-to-take-into-account">Points to Take into Account</h2> 
<ul style="text-align: justify"> 
 <li>Ethereum’s price rally is currently hindered by both regulatory uncertainty and technical resistance levels.</li> 
 <li>A close below $3,274 could suggest a prolonged downturn for Ethereum’s value.</li> 
 <li>Breaking resistance at $3,420 might reignite bullish sentiment in the market.</li> 
 <li>Ethereum’s performance against Bitcoin will be crucial to monitor in the coming weeks.</li> 
</ul> 
<p style="text-align: justify"> As the market navigates through these uncertainties, investors and traders are advised to keep a close watch on these pivotal price levels and regulatory developments that could significantly impact Ethereum’s valuation in the short to mid-term.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereums-price-surge-halted-by-sec-indecision-and-market-resistance">Ethereum’s Price Surge Halted by SEC Indecision and Market Resistance</a></h5>

Ethereum’s Price Surge Halted by SEC Indecision and Market Resistance

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