Technical Analysis On Ethereum Daily Chart

Ethereum finds itself 29% off its 52 week high of $4,100. That compares with Bitcoin which is 18% off its all-time high near $74,000.

This tells investors that Bitcoin remains the dominant investment for investors as an outperformer over altcoins.

Turning to pure technical analysis, Ethereum finds itself holding major support at $2,885. The up-sloping trend line connects through all lows going back to October 2023.

The Bull Case:

Ethereum MUST hold this up-sloping support trend line (which it currently sits on). As long as it stays above, price is likely to bounce and if Ethereum ETF chatter comes back up, it is possible to see $4,100 again. Note the down-sloping trend line. A break above that would likely start the trek back to $4,100. In addition, should president Trump win the election, Gary Gensler would likely no longer by the head of the SEC. Someone who is more friendly to crypto would likely be appointed. This would be bullish for Ethereum.

The Bear Case:

Ethereum breaks the up-sloping trend line at $2,885. This would be a major trend break going back to October 2023. The next key supports would be $2,700 and $2,400. Should the stock market sell sharply, risk off hurts the altcoins most and Ethereum could trade all the way back down to $2,150 in the near-term.

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