Ethereum’s Next Move Depends on Crucial Price Levels; New Highs?

• • Price levels determine Ethereum’s next move.
  • $2.880 and $3.273 are crucial levels.
  • Ethereum with bullish potential.

Cryptocurrency analytics firm MakroVision recently released a report revealing the critical price levels that could determine the next direction for the second-largest cryptocurrency on the market, Ethereum (ETH).

According to report According to MakroVision, Ethereum experienced a strong rejection at the red trendline while undergoing its correction phase, resulting in a significant pullback below $2.880. However, the cryptocurrency managed to recover slightly, as did the broader market, suggesting potential bullish momentum.

“Ethereum faced a massive rejection at the red trendline in an impulsive wave (c) and fell well below the $2.880 level. But just like other coins, a quick recovery began after the sell-off.”

Experts believe that if ETH reclaims the $2.810-$2.880 price level, the asset could maintain its upward price trajectory, paving the way for further gains. “The sell-off showed strong impulsiveness, which is not unusual for a wave (c). The quick recovery shows upside potential, but the price needs to settle back above the important $2.880 level to maintain momentum.”

“Resistances: $2.810-$2.880: A key area that will need to be reclaimed in the near term. A sustained hold above this could trigger further bullish momentum. $3.273: A strong resistance associated with high liquidity and the red trendline. A break above this would be a clear bullish signal.”

The analyst emphasized that Ethereum’s future trajectory will depend on its ability to overcome the aforementioned resistance levels. “Ethereum is currently in a recovery phase. A sustained break above $3.273 would strengthen the bullish case and create room for further upside. In the near term, a move above the $2.880 area is crucial,” it concluded.

These critical price levels are important because they represent inflection points in the market. If Ethereum manages to break above these levels, it could indicate a shift in investor sentiment and pave the way for further highs. On the other hand, if Ethereum fails to break above these levels, it could indicate a deeper correction or a period of consolidation.

At the time of publication, the price of Ethereum was quoted at US$2.613,77, up 4.6% in the last 24 hours.