Ethereum Price Technical Analysis Indicates Potential Downtrend

The Ethereum chart shows a classic Head and Shoulders pattern after a steady period around $2,500, with a breakdown below the neckline at $2,480 last week confirming this pattern. This could lead to a deeper correction down to the $2,200-$2,250 range, potentially followed by a bullish rebound. If Ethereum fails to reclaim the $2,500 level, the bearish outlook remains valid, and the price could return to support zones. Conversely, bulls need to push above $2,650 to invalidate the pattern and attempt to test $2,700-$2,800 again. Currently trading at $2,510, vigilance around this crucial level is advised.