In its latest technical assessment for Ethereum (ETH), cryptocurrency analysis company MakroVision stated that the price is still moving within the falling trend channel and the consolidation process continues in the short term.
According to the report, ETH is currently trading just above the 0.382 Fibonacci retracement zone at around $3,596. The company argued that maintaining this level is critical for near-term stability.
MakroVision stated that a stable outlook can be maintained as long as the $3,596 support level remains above. However, a break above this level could bring the next significant support level at $3,174 (0.5 Fibonacci level) into focus. It is anticipated that buyer interest in this area could increase again.
According to the analysis, Ethereum could regain strong bullish momentum if $4,290 and the upper boundary of the falling channel are broken. This scenario is considered a key signal for a trend reversal in the medium-term.
MakroVision noted that Ethereum is currently in consolidation mode, with the near-term support at $3,730 looking strong. However, they warned that a dip below this level could deepen the correction.
ETH price is trading at $3,882 at the time of writing.
*This is not investment advice.