Cryptocurrency analytics company MakroVision has published a new assessment of Ethereum’s (ETH) technical outlook. According to the analysis, Ethereum continues to remain below critical resistance levels, while the market is experiencing a short-term sideways consolidation period.
According to the chart analysis shared by MakroVision, the Ethereum price is currently trading below the central resistance zone at $2,130. Analysts noted that this level has been tested several times recently, but each attempt has been rejected. Therefore, the $2,130 region acts as a strong “ceiling” for price movement in the short term.
However, it cannot be said that Ethereum’s internal market structure has completely weakened. While the analysis states that the recent pullback showed stronger downward momentum, it also notes that the price formed a slightly upward structure above the $1,730–$1,800 range. This region stands out as the most important support area in the current market structure.
According to MacroVision, there are two critical scenarios going forward. If the Ethereum price can strongly rebound above the $2,130 level, this could confirm a bottom formation in the market and pave the way for an upward relief movement. However, if the recently formed higher low is broken, the medium-term downtrend is expected to continue.
Analysts have concluded that Ethereum is currently maintaining its stability, but is still stuck below the main resistance zone. Therefore, the $2,130 level is seen as a decisive threshold in determining whether Ethereum will experience an upward recovery in the short term or whether the downtrend will continue.
*This is not investment advice.
