Which Levels Must Be Broken for a Major Bull Run in Ethereum (ETH)?

Cryptocurrency analysis company MakroVision has evaluated the recent price movements of Ethereum (ETH). According to the technical analysis report published by the company, Ethereum broke the downtrend by showing a strong rise and maintains its bullish outlook in the short term. According to MakroVision’s analysis, Ethereum’s breakout above the key resistance area around $2,400 and the red falling trendline was a clear positive signal for the market. The subsequent rally is described as an impulsive “V-shaped” recovery. The declines seen so far are merely corrections and are not enough to disrupt the uptrend. The analysis indicates that the initial profit takings following the rally are technically a healthy pullback. Currently, the $2,400 level stands out as short-term support. However, if the price drops below $2,130, the current positive structure may be disrupted and a new assessment may be required. Related News: When Will the Altcoin Bull’s Forerunner, Bitcoin Dominance Decline, Arrive? Grayscale Responds MakroVision also listed the next resistance zones that Ethereum may face: $2,800–$2,880 range: These levels, which previously worked as support, are now watched as resistance. $3,275: The next major level to target if the upward momentum continues. *This is not investment advice. Continue Reading: Which Levels Must Be Broken for a Major Bull Run in Ethereum (ETH)?

Source: BitcoinSistemi