The crypto analysis company MakroVision shared its latest assessment of Ethereum's (ETH) current technical outlook.
The report stated that ETH has dipped below the $1,730 level, testing important liquidity zones, but initial signs of recovery were observed in the technical indicators.
According to MakroVision, the Relative Strength Index (RSI) is currently in extremely oversold territory. It was recalled that the last time similar levels were reached was in August last year. Moreover, the MACD and MVP indicators also technically support the possibility of a rebound with bullish divergences, indicating that the bearish momentum is weakening.
According to the analysis, for Ethereum to rise again, the following levels need to be surpassed and maintained:
$1,730: This point, which was previously a support level, is now a resistance position. MacroVision emphasizes that reclaiming this level is critical for a bullish structure.
1.545 Dollars: It has clearly broken below, but it can be considered as a reaction level in the short term.
$1,350 – $1,250 Range: It stands out as a strong liquidity area.
Although some short-term recovery signals have emerged, the ETH price is still trading below the red descending trend lines. MacroVision states that the medium-term outlook remains technically weak as long as the level of 2,132 dollars is not exceeded.
Ethereum is showing its first recovery efforts alongside strong technical indicators. However, the analysis suggests that in order to speak of a sustainable rise, it is necessary to have closings above 2,132 dollars. Otherwise, the bearish scenario is still on the table.
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Is a Recovery Wave on the Way in Ethereum? Analysis Company Reveals What is Needed for a Bullish Move
The crypto analysis company MakroVision shared its latest assessment of Ethereum's (ETH) current technical outlook.
The report stated that ETH has dipped below the $1,730 level, testing important liquidity zones, but initial signs of recovery were observed in the technical indicators.
According to MakroVision, the Relative Strength Index (RSI) is currently in extremely oversold territory. It was recalled that the last time similar levels were reached was in August last year. Moreover, the MACD and MVP indicators also technically support the possibility of a rebound with bullish divergences, indicating that the bearish momentum is weakening.
According to the analysis, for Ethereum to rise again, the following levels need to be surpassed and maintained:
Although some short-term recovery signals have emerged, the ETH price is still trading below the red descending trend lines. MacroVision states that the medium-term outlook remains technically weak as long as the level of 2,132 dollars is not exceeded.
Ethereum is showing its first recovery efforts alongside strong technical indicators. However, the analysis suggests that in order to speak of a sustainable rise, it is necessary to have closings above 2,132 dollars. Otherwise, the bearish scenario is still on the table.