Cryptocurrency analytics company MakroVision has shared its assessment of the current technical outlook for Ethereum (ETH).
According to the analysis, while the Ethereum price has touched the lower green trendline again, an upward breakout has not yet occurred. MacroVision argued that the current recovery is more of a correction than a strong and momentum-driven rise, and that weakness persists in the market.
The company’s assessment highlighted that the short-term outlook is at a critical juncture. Accordingly, the orange support zone between $2,810 and $2,880 is currently the most important level on the chart for Ethereum. If the ETH price remains above this zone, the possibility of a new upward attempt is preserved. However, MakroVision stated that a clear reversal and strong movement are necessary for any potential rise to be sustainable.
In the upside scenario, the main resistance area that investors should watch is the $3,270 level. MakroVision notes that this level also coincides with the descending red trend line, and a sustained break above this “key cluster” could trigger renewed bullish momentum, giving the price room to move towards the next resistance levels.
Ethereum technical analysis chart shared by MacroVision.
*This is not investment advice.
