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.
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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.
Continue Reading: What’s Next for Ethereum? Analysis Firm Says, “This Level Must Be Maintained”
