Cryptocurrency analytics firm Makrovision shares the latest review of current technical outlook (ETH).
The report noted that while ETH was tested for key liquidity zones with ETH below the $1,730 level, technical indicators showed the first sign of recovery.
According to Makrovision, the relative strength index (RSI) is currently in a highly sold area. It reminded me that I last reached a similar level in August last year. Furthermore, MACD and MVP indicators technically support the potential for recovery, with bullish divergence indicating a weaker downward momentum.
According to the analysis, for Ethereum to rise again, it must first overcome and maintain the next level.
- $1,730: Previously at the support level, but this is now resistance. Makrovision emphasizes that regaining this level is important for bullish structures.
- $1,545: It’s significantly broken, but could be considered a reaction level in the short term.
- Range of $1,350 – $1,250: It stands out as a powerful liquidity area.
Although some short-term recovery signals have emerged, ETH prices are still below the red falling trend line. Makrovision points out that the medium-term outlook will remain technically weak unless the $2,132 level is compromised.
Ethereum shows the initial recovery effort with strong technical indicators. However, the analysis believes it will need to exceed $2,132 to talk about sustainable rise. Otherwise, the bearish scenario is still on the table.
*This is not investment advice.
