Ethereum Update: Here Is The Chart Analysis

Ethereum saw minor upside in the last week, gaining approximately 3.5%. The cryptocurrency continues to lag Bitcoin and many other altcoins. With the stock market making new all-time highs, Ethereum continues to be one of the last choices for risk-on investors.

From a technical analysis perspective, Ethereum remains below its bullish/bearish pivot line. The pivot line sits at $2,800. As long as the price of Ethereum remains below that line, the bias based on chart analysis is negative. Should Ethereum recapture that line, a bullish bias would take over.

Should Ethereum begin to flush lower, the major technical support is $2,000 or just below. The level has multiple trend line levels coexisting together and means it will be a big buying level for investors and a likely major bounce level.

If Ethereum rallies and confirms above $2,800, the bias flips to bullish. This means pullbacks are buying opportunities. There is no major resistance until $3,700.

Overall, most technical investors are waiting patiently for a flush to $2,000 or just below to accumulate. However, should Ethereum establish itself above $2,800 and form a bull flag, technical traders would begin to accumulate for a run higher.

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