Ethereum (ETH), which broke its 2021 ATH in August and set a new ATH, has been on a downward trend ever since.
ETH, which fell to $3,400 in the great crash on October 11, recovered above $4,000, but experienced its biggest single-day drop in the November crash, approaching $3,000.
While it is wondered whether Ethereum, which has experienced significant declines, will experience a major recovery from now on, the analysis company announced its ETH forecast.
Accordingly, MakroVision analysts said that Ethereum has stabilized after the recent pullback and has initiated the initial recovery.
Analysts stated that the ETH price is currently at the resistance at the lower trend line and said that this level will be the decision point.
Analysts noted that movements around the trend line will determine whether a short-term trend reversal is possible, adding that bullish momentum in the current recovery is still weak.
Analysts stated that the 0.5 Fibonacci level at 3.175 was tested and successfully defended in the last correction in Ethereum, and that there is a lack of momentum in the current recovery.
“The medium-term structure is currently in a downtrend, with deeper lows in sight.”
$3,727 is Critical for Ethereum in the Short Term!
Analysts noted that the short-term key area for whether the recovery will continue is $3,727, and said that a break above this level and holding there would be the first positive signal of a trend reversal.
“If Ethereum breaks above $3,727 and sustains there, the next targets would be $3,965 and $4,290 first.”
Analysts recently warned that Ethereum is at a critical technical juncture. A strong breakout above $3,727 is needed for short-term bullish momentum to strengthen.
After that, the recent low of $3,965, just below $4,250, provides the critical key for a sustainable trend reversal.
*This is not investment advice.