Cryptocurrency analysis firm MakroVision published an updated assessment for Ethereum (ETH) stating that the price has reached a key resistance zone and the first signs of weakness are visible. According to the analysis, Ethereum reached around $3,730, touching a strong resistance zone in the $3,727–$3,965 range, which has historically played a crucial role in price movements. At the time of writing, the ETH price is trading at $3,650. According to the analyst firm, the strong uptrend since the May low remains in place. However, Ethereum is currently facing significant resistance, making a short-term pullback towards $3,270 likely. A sustained break above $3,965 could open the door for the price to push towards a new all-time high. Related News: Tesla Dumped Most of Its Bitcoin in 2022, But How Much Profit Would It Have Made If It Hadn't Sold? MakroVision concluded its ETH analysis as follows: “A pullback after a strong rally would be technically sound. However, a price breakdown below $3,270 would bring the risk of a deeper correction.” *This is not investment advice. Continue Reading: What is the Latest Situation with Ethereum? Analysis Company Claims that Breaking This Level Will Open the Door to ATH
