Weekly Technical Analysis On Ethereum

A week ago, Ethereum attempted to push into and above the pivot line. The pivot line is the bullish and bearish line seen in the chart above. Below the line, price action favors downside while above, it favors the upside. Ethereum failed to get above the pivot line.

Based on the probability of technical analysis, this meant Ethereum still had a bearish bias. Sure enough, the failure of Ethereum to push above the pivot line resulted in a flush to the downside.

Based on the price action and probability, Ethereum is favoring a move lower to major support at $2,000.

Should Ethereum push up and confirm above the pivot line, it would take on a strong bullish bias with an upside resistance of $3,800.

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