Technical Analysis On Ethereum: Key Support & Resistance

Ethereum is 36% off its 2024 high but still up 69% from its October 2023 low. A lot has happened in the last year for Ethereum. The most notable is the approval of spot ETF's, giving more investors the ability to invest.

The recent price action on Ethereum has been weak. Ethereum has fallen from $4,000 in May and now sits at at $2,600. From a technical analysis angle, Ethereum has broken a key pivot line at $2,850. As long as it remains below this line, the cryptocurrency has a bearish bias with downside support being between $1,900 and $1,975.

If Ethereum regains the pivot line, the probability of upside becomes dominant with $3,800 as the target.

Ultimately, investors need to be prepared for a move lower as long as price remains below the pivot line. However, the $1,900 to $1,975 becomes major support and as of now looms large as a buying opportunity for a major bounce.