Yesterday’s lower-than-expected CPI data triggered an upward movement in Bitcoin and altcoins. In this context, BTC rose above $64,000, while Ethereum climbed 5% in the last 24 hours to reach $1,870.
While $ETH investors are hopeful for a continuation of the uptrend, analysts at the German analytics company Makrovision Research shared their technical analysis and stated that the first strong signal for an upward move has arrived.
According to analysts, Ethereum has given the first long-awaited positive signal on the technical front. With the $ETH price rising above its recent significant peak of around $1,850, the ongoing series of lower peaks in the short term has been broken. This development indicates that buyers are beginning to regain strength.
However, analysts warn that the current rise alone does not mean the start of a new bull trend.
Ethereum’s price is still trading below the long-term downtrend line and the critical resistance zone at $2,130. Therefore, the current rise alone cannot be considered a permanent trend reversal.
Analysts stated that there are currently two critical levels that should be closely monitored: “$1,730 and $1,850”.
“If Ethereum manages to stay above the $1,730 support level and holds onto the $1,850 level, the possibility of the price testing the $2,130 resistance level may increase.”
Conversely, if Ethereum falls below $1,730 again, selling pressure may increase, and the possibility of a drop to $1,545 and $1,400 levels may resurface.”
In conclusion, while the breakout from the short-term bearish pattern is considered a positive development for Ethereum in the technical view, analysts believe that for a true trend reversal in Ethereum, the price needs to both break above the long-term downtrend line and maintain its position above the $2,130 resistance level.
*This is not investment advice.
