Ethereum Analysis: Key Levels and Trends to Watch
The October wind in the cryptocurrency market continues to blow in November. At the time of writing, Bitcoin was trading at $35,145, experiencing a 0.20% increase in the last 24 hours. While the battle at the $35,000 region continues, the altcoin market maintains its liveliness. So, what is happening with the altcoin king Ethereum? Let’s take a closer look at detailed chart analysis and important levels.
Ethereum Chart Analysis
On the daily chart, Ethereum continues its ascending channel formation since March. Benefitting from the support zone on October 16, Ethereum has experienced a significant rise since then. Recently, Ethereum crossed the EMA 200 (red line) level and continues to gain upward momentum after this level started acting as support.
The support levels to watch for Ethereum are $1869, $1828, and $1759, respectively. Particularly, if the daily closing below $1775, which intersects with the EMA 200 average, occurs, it could lead to a significant drop in the Ethereum price.
As for the resistance levels to watch for Ethereum, they are $1931, $2027, and $2158, respectively. Especially, if the daily closing above the resistance level of $1931, which has been serving as resistance in recent bar formations, takes place, it will accelerate the upward momentum.
ETH/BTC Pair Chart Analysis
The breakdown of support in the ETH/BTC pair’s channel structure had led to a significant loss in Ethereum’s value against Bitcoin. However, Ethereum, gathering strength from the recent support zone, has seen a resurgence in the ETH/BTC pair due to the weakening momentum of Bitcoin in recent days. With the recent rise, the pair has surpassed the EMA 7 and EMA 21 averages, presenting a positive scenario for Ethereum.
The support levels to watch for the ETH/BTC pair on the daily chart are $0.05373, $0.05179, and $0.05088, respectively. Particularly, if the daily closing below $0.05088 occurs, it could result in Ethereum losing value against Bitcoin.
As for the resistance levels to watch for the ETH/BTC pair, they are $0.05442, $0.05563, and $0.05692, respectively. Especially, if the daily closing above the resistance level of $0.05563 takes place, it will confirm a breakout of the descending trend and Ethereum will continue to gain value against Bitcoin.