Ethereum (ETH) Price Deviation Suggests Bearish Outlook – But Can it Gain on Bitcoin?

The Ethereum (ETH) price has decreased since it deviated above the $1,950 horizontal resistance area in April. This is considered a decisively bearish sign.

In brief:

✔️Ethereum (ETH) price has deviated above the $1,950 horizontal resistance area. This is a bearish sign that means the trend is bearish until the price reclaims this area.

✔️The ETH/BTC chart shows a bullish pattern that has developed over the past 7 months. A breakout from this pattern is expected, which could lead to a considerable increase.

✔️Reclaiming the $1,950 area will mean that the ETH/USD trend is bullish while a breakdown from the wedge will mean that the ETH/BTC trend is bearish.