Ethereum price under pressure below EMA200 at $3050 level

• On Wednesday evening, Ethereum’s price took a significant dip, reaching a new weekly low at the $2939 level. 

Ethereum chart analysis

On Wednesday evening, Ethereum’s price took a significant dip, reaching a new weekly low at the $2939 level. Thursday marked a period of consolidation, followed by a bullish surge in the afternoon, pushing the price to the $3035 level. In the morning, the price made a notable move to the $3055 level, testing the EMA200 moving average.

Currently, we are holding below the EMA200, with support at the $3020 level in the EMA50 moving average. A strong bullish impulse is needed to push us above to a new daily high. Breaking above the EMA200 would significantly relieve us from bearish pressure, making it easier to initiate a further recovery.

Ethereum is recovering, and does it have the strength to return to the bullish side?

Key price targets to keep in mind are the $3075 and $3100 levels. This week’s open price is at the $3137 level, which could be a significant point of interest. A bearish option would require a negative consolidation and pullback below the EMA50 and $3020, potentially testing the $3000 psychological support level.

Depending on the stronger bearish momentum, the strength of the price pullback in search of a support level will also depend. Potential lower targets are $2975 and $2950 levels. last week’s low was much lower at the $2815 level.