In its latest analysis of Ethereum’s technical outlook, cryptocurrency analytics firm Makrovision reported that it is in a consolidation process that is close to resistance levels following a strong rally with ETH prices exceeding $3,700.
Analysis shows that the Bulls still manage the market.
The upward break from the main resistance area between $2,800 and $2,880 has permanently changed the chart structure of Ethereum, according to the analyst company. Prices above $3,273 suggest a continuing bullish momentum.
Now, all eyes are in critical resistance at $3,965. This could pave the way for Ethereum to reach its all-time high.
If a pullback occurs, the $3,273-$3,370 range offers strong support. According to the analyst company, the uptrend will remain technically effective as long as this support zone is retained.
According to Makrovision, Ethereum is in a solid technical position following the recent rally. A break above $3,965 is critical for the next strong upward movement.
*This is not investment advice.
