What developments are expected in the price of Ethereum, the world’s largest altcoin, in the coming days? Here are the details.
Cryptocurrency analysis firm MakroVision published its latest assessment for Ethereum (ETH) stating that the asset is in the process of correction following a strong uptrend.
According to the analysis, Ethereum found significant support at $3,965, and the price action is currently within a downtrend channel. A break below this level could open the door to $3,596 (a 0.382 Fibonacci retracement) and then $3,273 (a strong support cluster with a 0.5 Fibonacci retracement).
From an upside perspective, ETH needs to break above its trend channel and, in particular, break above $4,780. A sustained move above this level could pave the way for a new uptrend for Ethereum, according to analysts.
MakroVision summarized the current outlook as follows:
