Cryptocurrency analysis firm MakroVision has released a new report on Ethereum (ETH), highlighting key price levels for the asset's future moves.
Current Ethereum Situation Analysis
According to MakroVision, Ethereum faced strong resistance at the red trendline during the impulsive wave (c), leading to a sharp drop below $2,880. However, like the broader crypto market, ETH staged a rapid recovery after the sell-off, suggesting potential bullish momentum.
Key Price Levels According to MakroVision
The analytics firm has identified the key levels for Ethereum's price as follows:
- $2,810-2,880 — A critical area that Ethereum needs to regain to continue upward momentum. Holding above this range could pave the way for more gains. - $3,273 — A key resistance level with high liquidity closely aligned with the red trendline. A break above this level would be a strong bullish signal, potentially opening the door for further price gains.
Future Ethereum Predictions
MakroVision notes that Ethereum remains in a recovery phase, but its bullish outlook is dependent on clearing key resistance levels. In the short-term, a successful move above $2,880 is crucial to maintain momentum, while a breakout above $3,273 could confirm a strong bullish scenario.
In conclusion, Ethereum's future price movements largely depend on its ability to overcome the identified resistance levels and maintain upward momentum.
