Technical Analysis And Key Levels On Ethereum

Ethereum fell sharply in the latest week. Altcoins mostly followed suit as risk assets dropped following a surge in interest rates. The jump in interest rates spooked investors as market expectations have been for lower rates, not higher.

Ethereum fell directly into a key support trend line at $2,385. This trend line stretches back to the August 5th lows and has held price for six hits now.

The issue for Ethereum is that the more it hits the trend line of support, the weaker it becomes. In addition, this choppy action since August 5th (2,800 to $2,300) has formed a bear flag pattern. This implies a higher probability of downside.

Should the $2,385 level break, there is no major support until $1,900-$2,000.

The bullish case for Ethereum would come in if price could confirm above $2,850. That would mark a major breakout on Ethereum and could send it all the way to $3,700.

In summary, the probability is favoring the downside for Ethereum, standing at about a 70% chance of a break below key support at $2,385. Should that happen, the downside support is $2,000 to $1,900.

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