Cryptocurrency analysis firm MakroVision has shared its latest assessment of the current technical outlook of Ethereum (ETH).
The report noted that ETH tested key liquidity zones by dipping below the $1,730 level, but technical indicators are showing initial signs of recovery.
According to MakroVision, the Relative Strength Index (RSI) is currently in extremely oversold territory. It was recalled that similar levels were last reached in August of last year. In addition, the MACD and MVP indicators technically support the possibility of a recovery, with bullish divergences indicating that the downward momentum is weakening.
According to the analysis, in order for Ethereum to rise again, the following levels must first be overcome and maintained:
- $1,730: Previously a support level, this is now resistance. MakroVision emphasizes that reclaiming this level is critical for the bullish structure.
- $1,545: Broke down significantly but could be considered a reaction level in the short term.
- $1,350 – $1,250 Range: Stands out as a strong liquidity area.
Although some short-term recovery signals have emerged, ETH price is still trading below the red falling trend lines. MakroVision notes that the medium-term outlook remains technically weak unless the $2,132 level is breached.
Ethereum is showing initial recovery efforts, accompanied by strong technical indicators. However, the analysis believes that closing above $2,132 is necessary to talk about a sustainable rise. Otherwise, the bearish scenario is still on the table.
*This is not investment advice.
