Ethereum has stabilized over the past two days above $2400

• Yesterday’s and today’s Ethereum price movement takes place in the $2425-$2550 range. 

Ethereum chart analysis

Yesterday’s and today’s Ethereum price movement takes place in the $2425-$2550 range. We recovered from Monday’s decline but fell into a sideways consolidation that slowed further progress to the bullish side. The EMA 50 moving average, which is creating additional pressure around the upper level, is a key factor in our analysis. We are not discounting the option for further recovery, but we need a stronger bullish impulse to trigger the dormant Ethereum price.

By crossing above the EMA 50 moving average, the momentum for further continuation to the bullish side is strengthened. By jumping above $2600, we will create a new daily high and thus establish a bullish option path. In the $27,000 zone, the price will test the weekly open price, and crossing above it would return to the positive side. This would wipe out the loss made on Monday.

Do we have the strength to deal with this consolidation and start further recovery?

After that, we are hopeful for a return to the bullish trend and further growth of Ethereum. Potential higher targets are the $2800 and $2900 levels. In the $2800 zone, we will test the EMA 200 moving average. For a bearish option, the price would have to retreat to the $2400 level. Failure to move above the EMA 50 moving average will increase price pressure, triggering a bearish consolidation.

A dip below the $2400 mark would establish a new daily low, signaling a potential break in the bearish momentum. This could pave the way for a further decline and testing of lower levels. The $2300 and $2200 levels are potential targets in this scenario. For now, we stick to the bullish option.