Cryptocurrency analysis firm MakroVision has published a new report assessing the current market structure of Ethereum (ETH).
The report noted that the ETH price is still correcting within the falling trend channel (red lines) and is struggling to hold above the $3,727 support level. Buyers have stepped in at this level several times.
According to the analytics firm:
- In the short-term outlook, the $3,600 level is central. According to MakroVision, this area, along with the lower boundary of the channel, is key support.
- A break below this level could send the price towards the 0.5 Fibonacci retracement level, which is around $3,174.
Meanwhile, it was noted that a break above $4,290 is needed for an upward move. Analysts believe that breaking this level could spark new upward momentum, targeting $4,780 and above.
The conclusion of the MakroVision report included the following statements:
Ethereum is currently consolidating above the 0.382 Fibonacci retracement. The $3,600 region stands out as the critical area that will determine whether the market will enter a deeper correction or head for a bottom formation.
*This is not investment advice.
Read the full article here
