Ethereum Technical Analysis: Institutional Levels

Ethereum's price action remains indecisive following its sharp drop from $3,400 to $2,200. It's currently consolidating within a wedge pattern, a formation that typically precedes a significant price move. The question is, which direction does it break...

If Ethereum breaks above the wedge's upper trendline, currently around $2,900, it could rally towards the next major resistance level at $3,725. Conversely, a break below the lower trendline, near $2,600, could lead to further declines, potentially targeting $2,135 and even $2,000.

While the current bias leans slightly bearish, it's not overwhelmingly so. The primary risk factor for Ethereum, and the broader altcoin market, remains the performance of the stock market and risk assets in general. Additionally, Ethereum faces competition from the rising popularity of Solana (SOL), which may be impacting investor interest.

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