In today’s technical analysis, let’s take a look at Ethereum, which is currently offering a very clean and interesting setup from a chart perspective.
Since mid-March, Ethereum has been in a bullish correction, forming a classic flag pattern, highlighted with green trendlines. This flag, a typical trend continuation formation, has now reached a critical confluence of resistance levels.
First, there’s the black downtrend line, connecting lower highs since the end of January. Second, we have a horizontal resistance at $2,100, marked in yellow — a price level that previously acted as key support and now holds as firm resistance.
Ethereum remains below both resistances and inside the flag, which strongly favors a bearish breakout. The sentiment remains negative, and as long as we stay within this structure, the expectation is for a continuation of the broader downtrend.
A bullish reversal signal would only appear if Ethereum manages to break above both the black trendline and yellow resistance, closing the day decisively above them — but the probability of that scenario remains low at the moment.