Cryptocurrency analysis company MakroVision has published its updated analysis of Ethereum’s recent price movements. The report states that Ethereum has successfully completed its rise from $1,400 and attracted attention with a 77% increase.
MakroVision stated that the bullish scenario it had previously predicted came true. It was stated that the price range between $ 1,295 and $ 1,525 worked as a strong support zone, and it was noted that Ethereum recovered by gaining strength from this region.
According to analysts, eyes are currently focused on the resistance zone between $2,405 and $2,465. Although Ethereum has reached this zone, analysis suggests that if this level is exceeded, it may be possible to reach higher prices. In particular, the next target, which is described as the “central orange area”, may open the way.
In the short term, the $2,145 level is watched as the first support point. If it falls below this level, the $1,944 level may play a critical role.
MakroVision notes that Ethereum has made a strong comeback to the market. However, breaking the current resistance zone will be decisive for the continuation of the rise. Otherwise, a short-term correction movement may be on the agenda.
ETH technical analysis chart shared by MakroVision.
*This is not investment advice.
