Cryptocurrency analytics company MakroVision has shared its updated assessment of Ethereum’s (ETH) technical outlook. According to the analysis, ETH is still in a downtrend overall, and is once again approaching a critical decision point in the short term.
MacroVision notes that a clear downward trend, defined by red trend lines on the Ethereum chart, continues, while the recent rebound has provided relative stability above the previously reacted zone. According to analysts, this zone will determine whether the current move is merely a technical reaction or the beginning of new momentum.
In the short-term outlook, the rise in ETH is seen as a reversal of the main trend. The price is reportedly resting on a strong resistance zone around $3,270, but a clear breakout above this level has not yet been observed. MacroVision states that as long as Ethereum remains below the downtrend line, every rise should be considered a retest of resistance rather than a permanent trend reversal. In the event of a potential sell-off, the focus could shift back to support levels around $2,750 and below.
In the upside scenario, analysts believe the first critical step will be a sustained break above and confirmation of the $3,270 level. If this level is surpassed, the $3,727 region will regain importance, and above that, the price could find room to move towards the $3,965-$4,290 range.
A chart showing the movement of the ETH price over the last 24 hours.MacroVision concluded its assessment by arguing that Ethereum is currently in a clear “all or nothing” zone. According to the analysis, the decisive factor in the short term will be whether the market can reclaim the $3,270 level.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/analysis-firm-states-we-are-either-in-the-all-or-nothing-zone-for-ethereum-heres-what-to-expect/
