Cryptocurrency analysis company MakroVision has evaluated the recent price movements of Ethereum (ETH).
According to the technical analysis report published by the company, Ethereum broke the downtrend by showing a strong rise and maintains its bullish outlook in the short term.
According to MakroVision’s analysis, Ethereum’s breakout above the key resistance area around $2,400 and the red falling trendline was a clear positive signal for the market. The subsequent rally is described as an impulsive “V-shaped” recovery. The declines seen so far are merely corrections and are not enough to disrupt the uptrend.
The analysis indicates that the initial profit takings following the rally are technically a healthy pullback. Currently, the $2,400 level stands out as short-term support. However, if the price drops below $2,130, the current positive structure may be disrupted and a new assessment may be required.
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MakroVision also listed the next resistance zones that Ethereum may face:
- $2,800–$2,880 range: These levels, which previously worked as support, are now watched as resistance.
- $3,275: The next major level to target if the upward momentum continues.
*This is not investment advice.
