Latest Technical Analysis On Ethereum

Ethereum finally broke out of a bull wedge (flag pattern), pushing toward the major pivot line of $2,875. The pivot line at $2,875 is the key level to watch for bulls. As long as Ethereum remains below this line, it is a weak position and should have a neutral to negative bias. Should it confirm above the pivot line, upside becomes very likely to $3,800 resistance.

Ethereum has lagged most other cryptocurrency altcoins as names like Cardano and Avalanche have soared in recent days. Should Ethereum fail to break above the pivot line, a drop to $1,900-$2,000 is likely.

To summarize, while Ethereum broke out of a near-term bull wedge, it still remains below the key pivot line of $2,875. As long as it is below this level, the bias is neutral to negative with probability still favoring downside.

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