In its latest analysis of Ethereum’s technical outlook, cryptocurrency analysis firm MakroVision reported that the ETH price is in a consolidation process near the resistance level following the strong rally above $3,700.
According to the analysis, the bulls still control the market.
According to the analyst firm, the upward break above the main resistance area of $2,800–$2,880 has led to a permanent shift in Ethereum's chart structure. The price staying above $3,273 suggests continued bullish momentum.
All eyes are currently on the key resistance at $3,965, a break above which could pave the way for Ethereum to reach a new all-time high.
In the event of a pullback, the $3,273–$3,370 range offers strong support. As long as this support zone holds, the uptrend will remain technically valid, according to the analyst firm.
Ethereum is on solid technical footing following the recent rally, according to MakroVision. A break above $3,965 will be decisive for the next strong upward move.
*This is not investment advice.
