In its latest analysis, MakroVision assessed the technical prospects of Ethereum ($ETH). According to the report, Ethereum lost a major support zone, then quickly retreated and lowered the support level, experiencing a sharp and strong decline.
The analysis noted that the price initially reacted in the range of $1,730 to $1,800 due to strong selling pressure. This region is said to act as a short-term bottom zone, with the market currently searching for a temporary equilibrium.
According to MacroVision, Ethereum’s mid-term structure is clearly trending down. A descending red trend line and consecutive lower peaks technically indicate that the downtrend continues.
This analysis particularly emphasized the $2,130 level. He said any potential rally should be viewed as a technical reaction unless the region recovers permanently. However, it was noted that sustained price action above $2,130 could lead to significant stabilization of the near-term outlook.
From a downside risk perspective, the $1,730 level is seen as the main support. Below this level, the price could retreat to $1,540 and, in a more severe scenario, to $1,400. On the upside, a move above $2,130 could bring the $2,400-$2,800 range back into focus.
$ETH Technical analysis charts shared by MacroVision.
The analysis also highlighted the quality of the current recovery. If the price forms a higher low through a shallower retracement, this could be seen as a positive technical signal in the short term. However, a rapid and significant decline during the recovery process could increase the likelihood of a retest of the lows.
*This is not investment advice.
