Cryptocurrency analysis company MakroVision has shared a new assessment of Ethereum ($ETH) technical perspectives. According to the analysis, the short-term market structure is becoming increasingly strained as the Ethereum price approaches a critical resistance zone again.
According to the graph shared by MakroVision, the $ETH The price has recently been rejected several times at the resistance zone around $2,130 and continues to face selling pressure at this level. However, Ethereum price remains above the lower support zone. This indicates that the market is currently trading in a narrowing price range between support and resistance.
Analysts note that an upward trend is forming on the Ethereum chart in the short term. As price finds support at higher levels with each pullback, repeated testing of the same resistance zone indicates increasing volatility. Such market conditions are usually observed before a strong breakout.
According to MacroVision, as long as the ascending bottom structure remains intact, the likelihood of Ethereum breaking above the $2,130 resistance level increases. A clear break above this level could trigger a stronger market rally $ETH price, paving the way for an increase towards the next resistance zones.
On the other hand, analysts warn that if the price is rejected from this region again and the upward trend structure is broken to the downside, the near-term outlook could weaken again. In this scenario, it is indicated that the downward pressure on Ethereum could increase.
*This does not constitute investment advice.
