Cryptocurrency analysis firm MakroVision has shared its latest assessment of Ethereum's (ETH) technical outlook, indicating potential recovery after recent declines.
Key Support and Resistance Levels
According to the report, ETH tested key liquidity zones by dipping below the $1,730 level, which has now become resistance. The critical levels that must be overcome include:
* $1,730: Previously a support level, this is now resistance. * $1,545: Significantly broken down, but could be considered a reaction level in the short term. * $1,350 – $1,250 Range: Stands out as a strong liquidity area.
Technical Indicators and Their Importance
MakroVision notes that the Relative Strength Index (RSI) is currently in extremely oversold territory. Similar levels were last reached in August of last year. Additionally, the MACD and MVP indicators technically support the possibility of recovery, with bullish divergences indicating that the downward momentum is weakening.
Long-Term Prospects for Ethereum
Although some short-term recovery signals have emerged, ETH price is still trading below the red falling trend lines. MakroVision emphasizes that the medium-term outlook remains technically weak unless the $2,132 level is breached. To talk about a sustainable rise, it is necessary to close above this level; otherwise, the bearish scenario is still on the table.
MakroVision's analysis shows that Ethereum is demonstrating initial signs of recovery; however, certain levels must be maintained for a bullish trend to be confirmed. The long-term outlook for ETH requires attention to critical levels.
