Cryptocurrency analytics firm Makrovision has released a new analysis report on Ethereum's technical outlook. The report shows signs of recovery by holding the $2,130 level after dropping to $2,130.
ETH has tested a major support area of nearly $2,130 and has recovered strongly from the area. This level of retention was welcomed by investors and saw the rally, with prices above the $2,400 level.
Makrovision pointed out that the overall market structure has not yet been determined in a clear direction. This means that neither upward breakout nor structural collapse has been observed. According to the analysis, holding Ethereum over $2,400 can accelerate prices to the $2,740-$2,880 range.
It was emphasized that in the short term, it would require a sustained level above the $2,400 dollar level for the upward movement to continue. However, breakdowns that could fall below $2,130 pose the risk of deeper corrections that could bring Ethereum back to around $1,730.
*This is not investment advice.
