Cryptocurrency analytics firm MakroVision has published a new assessment of Ethereum’s price action, assessing whether the asset is on the verge of a trend reversal or facing another decline.
Following a sell-off and subsequent recovery, Ethereum is trading sideways, trading below key resistance levels. Recent analysis from MakroVision reveals several critical factors that could determine Ethereum’s next move:
- The slight downward movement over the last 10 days appears to be corrective rather than impulsive, which could be a bullish indicator.
- Ethereum price held the 0.5 Fibonacci retracement level at $2,520, indicating short-term stabilization.
- $2,850: A key resistance level with significant liquidity. A break here could signal the first bullish move.
- $3,273: Critical breakout level. A move above it could send Ethereum back into a medium-term uptrend.
- $2,520 (0.5 Fibonacci retracement): It remains a key short-term support.
- $2,360 – $2,410: A strong support zone and Golden Pocket area with high liquidity. This level should be held to prevent further declines.
At the time of writing, ETH is trading at $2,710.
According to the analyst firm, Ethereum is showing signs of stabilization, but a break above $2,850 is necessary to unlock further upside potential. If not, the risk of testing lower support zones remains high.
*This is not investment advice.
