Cryptocurrency analysis firm MakroVision has released a new analysis report on Ethereum’s technical outlook. According to the report, the price of Ethereum has shown signs of recovery by holding on to the $2,130 level after falling to $2,130.
ETH tested the key support area near $2,130 and rebounded strongly from this area. The retention of this level was welcomed by investors and the price saw a rally back above the $2,400 level.
MakroVision noted that the overall market structure has not yet determined a clear direction, meaning that neither an upward breakout nor a structural breakdown has been observed. According to the analysis, Ethereum holding above $2,400 could allow the price to accelerate towards the $2,740–2,880 range.
It was emphasized that in the short term, persistence above the $ 2,400 level is required for the upward movement to continue. However, a possible breakdown below $ 2,130 brings the risk of a deeper correction that could pull the Ethereum price back to around $ 1,730.
*This is not investment advice.
