Ethereum rose 5% in the last 24 hours to reach $1,870 following yesterday's lower-than-expected CPI data release. German analytics company Makrovision Research identified this move as the first strong bullish signal for ETH, noting that the price broke above its recent significant peak of around $1,850. The breakout ended a series of lower peaks in the short term, indicating buyers are beginning to regain strength in the market.
Bitcoin also participated in the rally, climbing above $64,000 in response to the CPI data. The macroeconomic catalyst triggered upward movement across both Bitcoin and altcoins, with Ethereum experiencing the most significant percentage gain among major cryptocurrencies.
Makrovision Research Identifies First Positive Technical Signal
Analysts at Makrovision Research stated that Ethereum has given the first long-awaited positive signal on the technical front. With the ETH price rising above its recent significant peak of around $1,850, the ongoing series of lower peaks in the short term has been broken. This development indicates that buyers are beginning to regain strength.
However, analysts warn that the current rise alone does not mean the start of a new bull trend. Ethereum's price is still trading below the long-term downtrend line and the critical resistance zone at $2,130. Therefore, the current rise alone cannot be considered a permanent trend reversal.
Critical Support and Resistance Levels at $1,730 and $1,850
Analysts stated that there are currently two critical levels that should be closely monitored: "$1,730 and $1,850".
According to Makrovision Research: "If Ethereum manages to stay above the $1,730 support level and holds onto the $1,850 level, the possibility of the price testing the $2,130 resistance level may increase. Conversely, if Ethereum falls below $1,730 again, selling pressure may increase, and the possibility of a drop to $1,545 and $1,400 levels may resurface."
Conditions Required for Ethereum Trend Reversal
While the breakout from the short-term bearish pattern is considered a positive development for Ethereum in the technical view, analysts believe that for a true trend reversal in Ethereum, the price needs to both break above the long-term downtrend line and maintain its position above the $2,130 resistance level.
The $2,130 zone represents a critical resistance area that has historically acted as a barrier to upward price movement. Ethereum's ability to break and hold above this level would signal a significant shift in market structure according to the technical analysis framework outlined by Makrovision Research.
FAQ
What price level did Ethereum reach in the last 24 hours?
Ethereum climbed 5% in the last 24 hours to reach $1,870 following yesterday's lower-than-expected CPI data release.
What are the critical support and resistance levels for Ethereum according to Makrovision Research?
Makrovision Research identified $1,730 as the critical support level and $1,850 as a key level to hold. The analysts stated that if Ethereum stays above $1,730 and holds $1,850, the price may test the $2,130 resistance level. If ETH falls below $1,730, potential downside targets include $1,545 and $1,400.
