Emre Yumlu 
Ethereum (ETH) continues to struggle for direction as market momentum remains weak. A recent report by analytics firm MakroVision highlights key technical levels that could determine the next major move for the world’s second-largest cryptocurrency.
Ethereum Battles Within a Descending Channel
According to the report, Ethereum is still trading within a descending trend channel, attempting to hold support around the $3,727 level. This zone has been tested multiple times in recent weeks, showing signs of buying interest and short-term consolidation.
Analysts at MakroVision emphasize that the $3,600 region is crucial for Ethereum’s short-term outlook. This price area coincides with the lower boundary of the channel and serves as a psychologically important threshold for traders and investors alike.
Potential Scenarios: Downside and Upside Paths
If Ethereum fails to defend the $3,600 support level, analysts warn of a possible decline toward the 0.5 Fibonacci retracement zone, located near $3,174. Such a move could trigger stronger selling pressure and push ETH into a deeper corrective phase.
On the other hand, a bullish breakout above $4,290 could signal a renewed upward trend. The report suggests that surpassing this level might pave the way for targets around $4,780 and beyond, potentially reigniting positive sentiment across the market.
Key Zone to Watch: $3,600
The report concludes with a notable statement:
“Ethereum continues to consolidate above the 0.382 Fibonacci retracement. The $3,600 area stands out as the critical level that will determine whether the market enters a deeper correction or forms a sustainable bottom.”
This observation underscores that the coming days could be pivotal for Ethereum’s market structure. If the $3,600 region holds firm, ETH could attract renewed buying interest and potentially resume its upward trajectory. However, a breakdown below this level may signal the start of another correction wave.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.