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Cryptocurrency analytics company MakroVision has shared a new assessment of Ethereum’s ($ETH) technical outlook. According to the analysis, the short-term market structure is becoming increasingly tight as the Ethereum price approaches a critical resistance zone again.
According to the chart shared by MakroVision, the $ETH price has recently been rejected several times in the resistance zone around $2,130 and continues to face selling pressure at this level. However, the Ethereum price remains above the lower support zone. This indicates that the market is currently moving within a narrowing price range between support and resistance.
Analysts note that a pattern of rising lows is forming on the Ethereum chart in the short term. While the price finds support at higher levels with each pullback, the repeated testing of the same resistance zone indicates increasingly tight volatility. Such market conditions are typically observed before a strong breakout.
According to MacroVision, as long as the rising bottom structure remains intact, the probability of Ethereum breaking above the $2,130 resistance level increases. A clear break above this level could trigger a stronger recovery in the $ETH price, paving the way for a rise towards the next resistance zones.
On the other hand, analysts warn that if the price is rejected from this region once again and the rising trend structure is broken to the downside, the short-term outlook may weaken again. In this scenario, it is stated that downward pressure on Ethereum may increase.
*This is not investment advice.