Cryptocurrency analytics company MakroVision has shared its latest technical analysis of Ethereum. According to the company’s analysis, Ethereum managed to retest the $2,130 level, continuing its short-term recovery process for some time.
However, strong selling pressure encountered after reaching this level made it difficult for the price to maintain its position above this region.
MacroVision notes that while a short-term recovery is technically still valid in the current market structure, momentum has weakened recently. The analysis adds that the failure of attempts to break above $2,130 indicates continued selling pressure on upward movements. This situation, it is stated, makes price movements more delicate in the short term.
Highlighting key technical levels, the company notes that the $2,130 range is a critical threshold for Ethereum. If the price manages to hold above this level, a new upward attempt could be on the horizon, with $2,400 emerging as the next significant resistance. It’s worth noting that this region was strongly rejected during the last upward attempt.
However, there are warnings that if Ethereum clearly falls below the $2,130 level, the current recovery could weaken and the market outlook could deteriorate again. According to MacroVision, this scenario increases the risk that the recent upward movement will remain merely a technical reaction rather than a lasting trend reversal.
*This is not investment advice.
