ETHEREUM (ETHUSD): Detailed Technical Outlook

ETHEREUM has been struggling since mid-December, with the market showing a slight bearish trend and forming a falling contracting wedge pattern.

A significant rejection occurred at a confluence zone created by the trend line of the wedge and a horizontal demand zone.

Currently, the market is consolidating within the wedge.
A potential bullish breakout above the wedge's resistance and a daily close above it could signal a bullish trend reversal, leading to a strong upward movement in the market.