To start, always keep big knit sweaters folded and not hanging on hangers. Hangers stretch out the shoulders, ruins the sweater.
If you like all your clothes hanging and hate the fold down idea ( just not your aesthetic, I totally get it) then fold the sweater and hang like a pair of pants on a wooden hanger.
Next up, also wash those sweaters inside out, with a delicate detergent and cold water & don't you ever put that damn sweater in the dryer. It will shrink into a little barbie sweater, it will not fit you & that will be annoying. WHEN DRYING, LAY FLAT TO DRY, Or folded over a clothes hanger outside on a dry or dry and cool day.
Use a disposable razor to remove pills and balling to the sweater once in a while to keep it looking fresh & new & If it is a nice dry day hang it out outside for an hour to get nice and fresh (I love doing this on a cold dry winter day).
& if you like the look of wool but hate the itch, try Alpaca, or cashmere if the budget allows .