Einstein’s 4-hour chat paints a more clear picture of the recent price action. The cryptocurrency has been forming a falling wedge pattern since failing to break above the $2,700 resistance area. Meanwhile, considering the availability of several support levels, investors can still be optimistic about the short-term trend. A bullish breakout from the wedge can result in a retest of the $ 2,700 level, while a breakdown would be catastrophic, according to the 4- hour chat. The market is currently consolidating below the mentioned level.
Source: CryptoVizArt, 2024-01-20; https://cryptopotato.com/bullmarket-over-for-eth-following-drop-to-2-4k-ethereum-price-analysis/