Ethereum's Price Technical Outlook and Key Levels in Anticipation of a Possible Breakout

Despite the optimistic financial and technical data, Ethereum's price forecasts reflect discouraging readings from technical analysis indicators. On the 4-hour price chart, Ethereum's price has broken the lower boundary of its ascending channel, and the 50-period Exponential Moving Average (EMA-50) has turned into a resistance barrier at $2,592. Additionally, the negative momentum is reinforced by the MACD indicator signals and the formation of a Three Black Crows pattern (three consecutive bearish candles) near $2,594, suggesting an increased risk of continued decline.

Key Support and Resistance Levels:

Support: $2,466$ and $2,385$ respectively; if these levels are broken, the price may continue to decline toward $2,298$ and possibly $2,250.

Resistance: $2,594$ and $2,689$ respectively; the price may recover if it successfully breaks this range.

Important Trading Candle Patterns: The appearance of a bullish engulfing candle or a long lower wick near support levels would be promising.

Although the impact of SharpLink's financial disclosure and the implications of ETFs appear to be positive factors in the medium term, caution is advised in the short term due to the lack of indications suggesting a potential reversal. Thus, it is likely that the price will fluctuate within a narrow range or continue to decline.