According to recent analysis, Ethereum continues to show bearish tendencies, with its price dynamics not providing clear signs of recovery.
Technical Analysis of Ethereum
Analysts from MakroVision report that Ethereum is still forming lower highs, indicating a bearish technical pattern. "Ethereum remains below critical red trend lines, and we have yet to observe a strong bullish movement," MakroVision stated, underscoring the asset’s fragile technical position.
Comparison to Bitcoin and Solana
While Ethereum has bounced back from its $1,400 lows, its upward momentum remains significantly weaker compared to assets like Bitcoin (BTC) and Solana (SOL). MakroVision emphasized that Ethereum must break above recent lows to fuel a more meaningful rally.
Key Levels to Watch
MakroVision outlined several critical price points that traders should monitor: * $1,730 – Short-term support that must hold for stability. * $2,132 – Trigger level for a potential bullish reversal. * $2,370 / $2,410 – Major resistance zones that could challenge further upward movement. Analysts say a successful breakout above $2,132 could pave the way for a new bullish wave. Until then, Ethereum’s price action remains cautious and vulnerable compared to leading altcoins.
Thus, Ethereum continues to struggle with gaining momentum amidst a recovering altcoin market. It is important to monitor key levels that may impact its future dynamics.
