Cryptocurrency analysis company MakroVision emphasized in its latest analysis that Ethereum continues to perform poorly compared to market leader Bitcoin.
The company noted that Ethereum’s failure to break through key resistance levels is keeping its price structure under pressure.
Ethereum has been rallying from levels around $1,400 in recent weeks, but is still trading below the red downtrend line. According to the analysis, the first strong bullish signal would come when the $2,130 level is breached, and that remains the case.
According to the analyst firm, while the support level at $1,730 is maintained in the short term, there has been no new upward momentum. Downside risks are still on the table. $1,545 stands out as the next critical support point.
MakroVision stated that while Bitcoin has recently tested important resistance levels, Ethereum has remained weak, which could negatively affect market sentiment. Ethereum’s strong performance again compared to market leaders could be decisive in terms of a trend change.
According to the analysis, Ethereum is currently in standby mode. It is said that a permanent break above the $2,130 level is needed for a strong bullish signal to occur. As long as this threshold is not exceeded, the market seems to remain cautious.
*This is not investment advice.
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