Cryptocurrency analytics firm MakroVision has published an updated analysis of Ethereum’s technical outlook. The firm notes that Ethereum is consolidating above the $2,400 level and that sideways movement in this region could be part of a healthy uptrend.
According to MakroVision, Ethereum gained new momentum by managing to stay above the red falling trend line. The consolidation above the $2,400 level is considered positive from a technical perspective.
According to the analytics company, the critical levels for ETH are listed as follows:
- $2,820-$2,880: The most important resistance area ahead. These levels have faced strong selling pressure in the past.
- $2,400: Current support zone. Holding this level maintains short-term bullish outlook.
- $2,132: Key support level to watch in case of a deeper correction.
ETH technical analysis chart shared by MakroVision.
MakroVision predicts that if Ethereum breaks the $2,880 resistance, a new upward wave towards $3,275 could begin. On the other hand, it is argued that pullbacks to $2,400 could be considered a constructive correction.
*This is not investment advice.
