en.bitcoinsistemi.com
In its latest technical assessment for Ethereum ($ETH), cryptocurrency analysis company MakroVision stated that the price is still moving within the falling trend channel and the consolidation process continues in the short term.
According to the report, $ETH is currently trading just above the 0.382 Fibonacci retracement zone at around $3,596. The company argued that maintaining this level is critical for near-term stability.
MakroVision stated that a stable outlook can be maintained as long as the $3,596 support level remains above. However, a break above this level could bring the next significant support level at $3,174 (0.5 Fibonacci level) into focus. It is anticipated that buyer interest in this area could increase again.
According to the analysis, Ethereum could regain strong bullish momentum if $4,290 and the upper boundary of the falling channel are broken. This scenario is considered a key signal for a trend reversal in the medium-term.
MakroVision noted that Ethereum is currently in consolidation mode, with the near-term support at $3,730 looking strong. However, they warned that a dip below this level could deepen the correction.
$ETH price is trading at $3,882 at the time of writing.
*This is not investment advice.