Ethereum has once again proven the significance of the $2,130 level, bouncing off this key support area after briefly dipping to that exact price.
According to a new technical analysis from MakroVision, the rebound has provided short-term relief to traders, with ETH reclaiming ground above $2,400.
Analysts say the current price action hints at a potential recovery, though it’s still too early to call a definitive trend. Market structure remains neutral, with neither bulls nor bears in clear control.
Still, if Ethereum can maintain momentum above $2,400, the next area of interest lies between $2,740 and $2,880 — a zone that could be tested in the near future.
MakroVision’s report warns, however, that losing the $2,130 support would flip the outlook bearish and could open the door for a drop toward the $1,730 zone — a level not seen in months.
At this stage, Ethereum is walking a tightrope: hold above $2,400 and upside targets remain viable; fall back under $2,130 and the risk of a larger correction returns.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/market/ethereum-holds-strong-could-bigger-gains-be-ahead/