Ethereum Eyes Macro Bottom As Key Level Comes Into Focus: Analyst
An interesting technical outlook frames the current Ethereum price action as a range-bound environment on the higher timeframe, where
Ethereum Price Chart. Source: @Mingarithm On X
A Brief Rebound Or A Direct Move Lower?
The analyst identified the $2,151 price level as a major pivot point. Price action recently attempted to reclaim this level but failed, showing clear rejection. That rejection keeps bearish continuation on the table for now.
As long as ETH remains below $2,151, the path of least resistance appears tilted to the downside. A successful reclaim, however, would change the short-term outlook. Minga pointed to a move to $2,395 if that happens, where there is a fair value gap.
Minga’s downside expectation is to play out in two stages. The first stop is $1,537, where there is a cluster of weekly equal lows (labeled “EQLs” on the chart above), creating an obvious liquidity target. Minga expects this level to be taken, though $1,537 will not be where Ethereum’s macro bottom forms.
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The true bottom target is much deeper. For a legitimate cycle bottom, Minga is watching for a sweep of $1,384, the previous structural low. Even more notably, Minga highlights the $1,190 to $1,148 zone as the most likely region for a macro bottom to form.
Featured image from Unsplash, chart from TradingView
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