Cryptocurrency analysis company MakroVision has shared its new assessments regarding the current technical outlook of Ethereum (ETH).
According to the analysis, Ethereum continues to follow a sideways trend after its previous rise, but the technical structure still remains positive.
According to MakroVision, Ethereum has successfully tested the $2,400 support level once again and is holding above it. The price is currently trading sideways just below an area that previously acted as resistance. Analysts note that this is a typical consolidation process and could be setting the stage for the next big move.
The important levels highlighted in the analysis are as follows:
- $2,820 – $2,880: Strong resistance zone and recent lower high
- $2,400: Important support level – Short-term bullish sentiment remains valid as long as this level remains above
- $2,132: Key support to watch for possible pullbacks
MakroVision predicts that if the $2,880 level is broken, Ethereum could enter a new uptrend towards $3,275. On the other hand, although it would not technically be a problem if the price fell to $2,400 again, it warns that this situation could increase the risk of a downward break.
*This is not investment advice.
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