Cryptocurrency analytics firm MakroVision has published an updated analysis of Ethereum’s technical outlook. The firm notes that Ethereum is consolidating above the $2,400 level and that sideways movement in this region could be part of a healthy uptrend.

According to MakroVision, Ethereum gained new momentum by managing to stay above the red falling trend line. The consolidation above the $2,400 level is considered positive from a technical perspective.

According to the analytics company, the critical levels for ETH are listed as follows:

$2,820-$2,880: The most important resistance area ahead. These levels have faced strong selling pressure in the past.

$2,400: Current support zone. Holding this level maintains short-term bullish outlook.

$2,132: Key support level to watch in case of a deeper correction