In its latest analysis, MakroVision assessed the technical outlook for Ethereum ($ETH). According to the report, Ethereum rapidly retreated to lower support levels after losing key support zones, experiencing a sharp and strong sell-off.
The analysis noted that following strong selling pressure, the price initially reacted in the $1,730-$1,800 range. This area was described as acting as a short-term bottoming zone, and the market is currently seeking a temporary equilibrium.
According to MacroVision, Ethereum’s medium-term structure clearly remains in a downtrend. The falling red trendline and successive lower peaks technically indicate that the downward trend continues.
The analysis specifically highlighted the $2,130 level. It stated that unless this area is permanently recovered, any potential rises should be considered technical reactions. However, it was noted that sustained price action above $2,130 could lead to significant stability in the short-term outlook.
In terms of downside risks, the $1,730 level is seen as the main support. A break below this level could see the price retreat to $1,540 and, in a more severe scenario, to $1,400. On the upside, a break above $2,130 could bring the $2,400-$2,800 range back into focus.
$ETH technical analysis chart shared by MacroVision.
The analysis also highlighted the quality of the current recovery. If the price forms higher lows through shallower retracements, this could be considered a positive technical signal in the short term. However, rapid and deep sell-offs during the recovery process could increase the likelihood of retesting the lows.
*This is not investment advice.
