Ethereum fell this morning below last week’s support zone

• This morning, the price of Ethereum fell below last week’s support zone and thus formed a new low at the $2307 level

Ethereum chart analysis

This morning, the price of Ethereum fell below last week’s support zone and thus formed a new low at the $2307 level. We stayed below for a short time, and the price moved up to the $2360 level. We managed to stabilize in that zone and initiate a bullish impulse up to $2400. The price is in a slight surge and could return above the weekly open price.

If he succeeds in this, this morning’s recovery would be very significant for continuing the bullish momentum. After that, we expect Ethereum to continue on the bullish side and move above the previous high at $2480. With that, we climb to a new high and strengthen the bullish scenario. With growth above $2500, Ethereum would jump over the psychological level, which would increase optimism that it has the strength to extend the bullish trend.

Bearish pressure caused us to fall to a new weekly low this morning

Potential higher targets are $2550 and $2600 levels. The price would receive support from the EMA 200 moving average above the $2520 level. For a bearish option, we need to initiate a new bearish consolidation that is below $2350. So we turn again to the bearish side and fall under pressure to test this morning’s low.

With a retest of this morning’s low, bearish momentum could intensify, potentially forming a new lower low. In such a scenario, Ethereum could test the $2250 and $2200 levels. It’s worth noting that Ethereum’s August low price is $2112, a historical trend that could provide valuable insights into future price movements.