The price of Ethereum dropped to $3330 level this morning

• Ethereum price is moving away from this week’s high formed on Monday at $3516.

Ethereum chart analysis

Ethereum price is moving away from this week’s high formed on Monday at $3516. At the end of the day, the price returned to the weekly open price of 3430.0. There, we tried to get support from the EMA200 moving average, which it succeeded in doing in the first part of Tuesday. After that, we see an impulse below and drop at the $3400 level. With this step, we went below the weekly open price and EMA200 to the negative side.

After a short consolidation in that zone this morning, we had a strong bearish impulse and a drop to the $3330 level. The support zone from the weekend was broken, and we were close to the previous low at the $3320 level. For now, we have support at that level and are recovering to $3365. If we manage to hold on here, we will have an opportunity to initiate a bullish consolidation.

Ethereum is under strong pressure to start a further pullback

By moving above $3375, the price could gain momentum for further growth to the bullish side. Potential higher targets are $3400 and $3425 levels. In the $3425 zone, we will have to test the EMA200 again for a continuation above it. We need a negative consolidation back to this morning’s low at $3330 level for a bearish option.

Should the price continue to decline, it will only exacerbate the bearish pressure on the already weak Ethereum price. The term’ bearish pressure’ refers to the dominance of selling activity in the market, which is driving the price down. Potential lower targets are $3325 and $3300 levels. If the price falls below the $3300 level, we will form a seven-day low and could threaten last week’s low of Monday’s $3232.