Cryptocurrency analysis firm MakroVision has shared a new valuation for Ethereum ($ETH) Technical outlook. Our analysis shows that the short-term market structure is becoming increasingly tight as Ethereum price approaches key resistance zones once again.
According to the graph shared by MakroVision. $ETH Recently, the price has rejected the resistance zone around $2,130 several times and remains under selling pressure at this level. However, Ethereum price remains above the lower support zone. This indicates that the market is currently moving within a narrow price range between support and resistance.
Analysts note that a pattern of higher lows is forming on the Ethereum chart in the short term. Each time the price pulls back, it finds support at higher levels, but repeatedly testing the same resistance zone indicates that volatility is becoming increasingly severe. Such market conditions are usually observed before a strong breakout.
According to MacroVision, the chances of Ethereum breaking through the $2,130 resistance level increase as long as the upside structure remains intact. A clear rise above this level can trigger a stronger recovery. $ETH The price rises, paving the way for an upward move towards the next resistance zone.
Meanwhile, analysts warn that the short-term outlook could weaken again if prices are rejected again from the region and the uptrend structure breaks down to the downside. This scenario states that downward pressure on Ethereum could increase.
*This is not investment advice.
