Yesterday’s lower-than-expected CPI data triggered a rally in Bitcoin and altcoins. In this context, BTC rose above $64,000 and Ethereum rose 5% in the past 24 hours to reach $1,870.
meanwhile $ETH Investors are hoping for a continuation of the uptrend, and analysts at German analysis firm Macrovision Research shared technical analysis, saying the first strong signals of an uptrend have arrived.
Analysts say Ethereum has given its long-awaited first positive signal on the technology front. and $ETH Prices have risen above a recent significant peak of around $1,850, breaking a series of short-term lower peaks. This development shows that buyers are starting to regain momentum.
However, analysts caution that the current rally alone does not signal the start of a new bullish trend.
Ethereum price is still trading below the long-term downtrend line and key resistance zone at $2,130. Therefore, the current rally alone does not constitute a permanent trend reversal.
Analysts say there are currently two important levels to watch closely: $1,730 and $1,850.
“If Ethereum manages to break above the $1,730 support level and sustain the $1,850 level, it may increase the chances of the price testing the $2,130 resistance level.”
On the other hand, if Ethereum falls below $1,730 again, selling pressure will increase and the possibility of a fall to $1,545 or $1,400 levels could resurface. ”
In conclusion, while a breakout from a short-term bearish pattern is considered a positive development for Ethereum from a technical perspective, analysts believe that a true trend reversal for Ethereum would require the price to break out of the long-term downtrend line and hold above the $2,130 resistance level.
*This is not investment advice.
