Ethereum price climbed to a new July high this morning

• The price of Ethereum rose this morning to a new weekly high at the $3517 level. 

Ethereum chart analysis

The price of Ethereum rose this morning to a new weekly high at the $3517 level. The previous time we were at that level was on the first of July. Yesterday, we had short-term instability and a price pullback to the $3350 level. With the support of the EMA 50 moving average, a new positive consolidation was initiated. The EMA 50, a widely used technical indicator, helped to confirm the upward trend, which took us to the weekly high today.

We have enough momentum for now and are staying at the $3500 level. We need a new impulse that would push us to a new weekly high and thereby confirm the continuation of the bullish scenario. Potential higher targets are $3525 and $3550 levels. With this, we will return to the movement zone starting in June, and for now, everything indicates that we will see a continuation on the bullish side.

A price of $3500 could be a good springboard for a bigger recovery.

For a bearish option, we need a pullback of the Ethereum price to the $3450 level. There, we will test the daily open price. If we fail to hold above, we will see the formation of a new daily low, which could threaten the previous bullish formation. At $3400, we encounter the EMA 50 moving average, which could stop further declines like yesterday.

If it fails to do so, the impulse of the price below to a new lower low will follow. This will increase the bearish pressure on the price of Ethereum to go further in search of new support. Potential lower targets are $3375 and $3350 levels. The EMA 200 moving average is in the zone of $3250 levels.