A new report from cryptocurrency analysis firm MakroVision sheds light on the future of Ethereum (ETH). The report analyzes the current market trends and offers insights into potential price movements. 📈 💰 📉
The report reveals that ETH is currently correcting within a falling trend channel, struggling to maintain its position above $3,727. Notably, buyers have stepped in at this level several times.
MakroVision outlines two key levels: **$3,600** and the lower boundary of the channel. The firm highlights that these areas are crucial support points for ETH prices. If we see a break below $3,600, it could trigger a downward trend towards the 0.5 Fibonacci retracement level around $3,174.
However, to initiate a bullish movement, MakroVision suggests breaking through the resistance at $4,290. This break-out could propel ETH prices towards higher levels such as $4,780 and beyond.
The report concludes by highlighting that Ethereum is currently consolidating above the 0.382 Fibonacci retracement level. The $3,600 region serves as a pivotal marker for whether the market will experience a deeper correction or if it will reach a bottom.
It’s important to note that this analysis is not financial advice.