Cryptocurrency analysis firm MakroVision has provided an update on Ethereum’s recent price action, revealing key technical levels that could determine its next move.
According to MakroVision, Ethereum remains weak after falling below the lower orange support zone. ETH is currently trading near the lower Fibonacci support levels, making a reversal at this stage crucial to avoid further downside pressure.
According to the analytics firm, if Ethereum manages to bounce, the key breakout zone is located between $2,810 and $2,880, along with a red trendline. This range serves as a crucial area for a potential trend reversal as it also houses several liquidity zones that could attract price action.
However, if Ethereum fails to reclaim these levels, the next major support zone would be between $2,140 and $2,250, leaving little room for further protection against a deeper decline.
At the time of writing, ETH is trading at $2,106.
*This is not investment advice.
