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Cryptocurrency analysis firm MakroVision published an updated assessment for Ethereum (ETH) stating that the price has reached a key resistance zone and the first signs of weakness are visible.
According to the analysis, Ethereum reached around $3,730, touching a strong resistance zone in the $3,727–$3,965 range, which has historically played a crucial role in price movements.
At the time of writing, the ETH price is trading at $3,650.
According to the analyst firm, the strong uptrend since the May low remains in place. However, Ethereum is currently facing significant resistance, making a short-term pullback towards $3,270 likely. A sustained break above $3,965 could open the door for the price to push towards a new all-time high.
MakroVision concluded its ETH analysis as follows:
“A pullback after a strong rally would be technically sound. However, a price breakdown below $3,270 would bring the risk of a deeper correction.”
*This is not investment advice.
Read the full article here
