Cryptocurrency analytics firm Makrovision has published an updated rating for Ethereum (ETH) showing that prices have reached a critical zone of resistance and initial signs of weakness are visible.
According to the analysis, Ethereum reached around $3,730, touching strong resistance zones in the range of $3,727-$3,965.
At the time of writing, the ETH price is trading at $3,650.
The analyst company says it has been a strong upward trend since its low state in May. However, Ethereum is currently facing serious resistance, making its short-term pullback towards $3,270. A sustained break of over $3,965 allows you to open the door to push prices towards a new all-time high.
Makrovision concluded the ETH analysis as follows:
“The pullback after a strong rally is technically sound. However, a price collapse below $3,270 poses a deeper risk of correction.”
*This is not investment advice.
