Cryptocurrency analytics company MakroVision has shared its assessment of the current technical outlook for Ethereum (ETH).
According to the analysis, Ethereum still exhibits a weak structure despite recent recovery attempts and has not been able to generate strong upward momentum.
MacroVision noted that the Ethereum price managed to hold above the support zone in the $2,810–$2,870 range and exhibited limited upward momentum. However, according to analysts, the real critical threshold is the $3,270 level. This region harbors strong selling pressure as it is both a horizontal resistance and the point where the main downtrend line intersects.
The company’s assessment stated that as long as Ethereum continues to trade under the main downtrend marked in red, the medium-term structure retains its bearish character. It was noted that the current price action should be seen as a technical relief following a strong sell-off; a confirmed trend reversal cannot yet be said to have occurred.
According to MacroVision, a sustained breakout above the $3,270–$3,350 range could rekindle bullish momentum in Ethereum. In this scenario, the price could gain ground first towards $3,727, and then towards the $3,965–$4,290 range.
However, it is warned that if this resistance cluster cannot be overcome again, downside risks will remain and the price could test the next support zone around $2,380.
MacroVision states that as long as Ethereum holds onto its key support zone above $2,810, a short-term recovery remains a possibility.
*This is not investment advice.
