Although the current price of Ethereum has not yet broken through the $2,700 mark, from a technical analysis point of view, the daily chart has successfully stood above the 200-day trend line, forming an effective breakout pattern. The next thing the market needs to focus on is the chip exchange situation in the 2800-2850 area, if ETH can stabilize above the 200-day trend line, this will gradually improve its current weak pattern.

From the perspective of morphological analysis, Ethereum is currently showing possible head and shoulders pattern characteristics; The volume-price relationship shows that its rising volume is gradually weakening, which is consistent with the typical characteristics of the head and shoulders pattern. It is worth noting that if Bitcoin is unable to break through the previous highs, then the likelihood of Ethereum forming a head and shoulders will increase significantly. The future direction of Ethereum still needs to pay close attention to the changes in these technical indicators.