Two different technical signals attract attention at the same time in the Ethereum market. While the MACD intersection formed on the weekly chart is similar to the structure before the sharp decline in 2022, the upward trend appears to be maintained above a certain level in the short-term charts. This leaves investors cautious about the direction.
MACD signal reminds of 2022 scenario
According to analyst Ted Pillows, although the bullish MACD crossover seen on the weekly chart may seem like a positive signal at first glance, a similar structure in the past has resulted in a serious decline. In 2022, Ethereum experienced a similar intersection after a long-term decline, but this did not bring a permanent rise.
At that time, the price movement entered a sharp selling wave after a short-term recovery, and a loss of approximately 75 percent occurred. While a similar technical outlook occurs on the current chart, it is noteworthy that the price still remains well below the previous cycle peaks.
It is known that the MACD indicator alone is not a tool that confirms trend reversal. Such intersections, especially seen in strong downtrends, often indicate short-term recoveries. Therefore, analysts expect the price to form higher highs and break through important resistance levels for stronger confirmations.
According to the analysis, the current MACD crossover does not yet confirm a definitive trend reversal and rather indicates the possibility of a temporary uptrend.
In the short term, the $2,027 level is decisive
A more optimistic picture stands out on the four-hour chart. Ethereum appears to be moving in a corrective bullish structure and testing the horizontal resistance zone near $2,360. CryptoAppsy According to the data, while Ethereum is trading close to these levels, it is noteworthy that the price also remains below the falling trend line.
In the analysis, it is stated that the rise progresses in a five-wave structure and the range between 2,209 and 2,027 dollars stands out as the support zone in possible retreats. The most critical threshold within this range is considered to be the $ 2,027 level.
It is stated that the current upward correction may continue as long as the Ethereum price remains above this level. However, the fact that the price remains close to the resistance zone also keeps the possibility of a withdrawal in the short term on the agenda.
On the other hand, if the $2,027 level breaks downwards, the current positive structure may weaken. In this scenario, the market’s focus may shift to lower support levels and the $1,820 to $1,599 range may come to the fore again.
