The price of Ethereum rose to the $3110 level this morning

• After pulling back to the $2840 level on Monday, Ethereum’s price has initiated a bullish consolidation. 

Ethereum chart analysis

After pulling back to the $2840 level on Monday, Ethereum’s price has initiated a bullish consolidation. We saw another retest at the weekly open price, after which a recovery above the $3000 level was initiated. On Tuesday, the movement was in the $3000-$3100 range. The price retested to $ 3,000 this morning, and a bullish rally with new support started.

Currently, the price stands at the $3110 level, and we are testing the EMA 200 moving average. Over the past few hours, we have managed to maintain a position above $3100, signaling a potential for a new bullish impulse. This could pave the way for higher targets at $3150 and $3200 levels, offering a glimmer of optimism. It’s worth noting that we are still a considerable distance from last week’s high at $3516.

The price of Ethereum has reached $31000, is there any strength to go above?

Ethereum’s price could easily trigger another pullback if we fail to surpass the EMA 200 moving average. A descent to the $3050 level would test the support in the EAM 50 moving average. At this point, falling below the daily open price would intensify the bearish pressure, potentially forcing the price to retest the crucial support at the $3000 level. This is a level that investors should approach with caution.

If we are unable to maintain our position, Ethereum could be headed for a new low, strengthening the bearish momentum. This could lead to potential lower targets at the $2950 and $2900 levels. At $2930, we would test the weekly open price and its support, a situation that investors should be wary of.