Technical Analysis: Ethereum Probabilities And Targets

Cryptocurrency Ethereum started the past week with a solid push to the upside. However, it quickly ran into resistance at the $2,675 resistance level. Over the following five trading days it chopped sideways.

In technical analysis, sideways chop following a move up is known as bullish consolidation. This may mean it breaks through the $2,675 resistance in the coming week and pushes up to resistance at $2,875.

Should the bull flag fail, price would be expected to fall quickly to $2,350. Should that level break, the $1,900-$2,000 level is major support and would be a high probability buy level.

On the upside, if the bull flag plays out, resistance is $2,850 and beyond that, a potential mega run to $3,700 could occur.

Looking strictly at the chart and pattern formation, odds favor a breakout to at least $2,850. One of the key things investors should watch continues to be the stock market. As long as equity markets continue to make new all-time highs, crypto should do very well and eventually Ethereum would play catch up to Bitcoin. Altcoins overall have dramatically lagged Bitcoin as Bitcoin dominance has continued to increase.

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