Ethereum Breaks Year-Long Downtrend Pattern, Daily Chart Signals Caution

Ethereum has achieved its first higher high in over a year, surpassing previous resistance levels to trade at $2,807. Analyst Benjamin Cowen notes that ETH has returned to its long-term logarithmic regression band, though he advises caution regarding potential market shocks in Q4. While the weekly chart shows a bullish shift with support established at $2,438, the daily chart displays bearish divergence as RSI makes lower highs despite price gains, suggesting weakening momentum. Holding the $2,440 support level is critical to maintaining the current structure.