Ethereum price is back above the $3500 level again today

• This morning, a significant event unfolded in the Ethereum market as a new June low was formed at the $3427 level, breaking below the previous low from Tuesday.

Ethereum chart analysis

This morning, a significant event unfolded in the Ethereum market as a new June low was formed at the $3427 level, breaking below the previous low from Tuesday. However, we swiftly found support below and initiated a bullish consolidation. The price then moved above the $3475 level, reinforcing the bullish momentum. The daily high was formed at the $3530 level, and we received the support of the EMA50 moving average, marking a crucial turning point in the market.

At this point, it’s crucial for the price to maintain its position in order to pave the way for a potential recovery to the bullish side. If it manages to hold, we could see the price aiming for higher targets at the $3550 and $3575 levels. However, a move above the $3615 zone would face stronger resistance from the EMA200 moving average, with the weekly open price standing at $3706.

We have started recovery; do we have the strength to continue?

However, we must also consider the bearish option. For the Ethereum price to take a bearish turn, it would need to drop below $3500 and the EMA50 moving average. This would indicate a shift in the market sentiment. We would then closely monitor the daily open price at the $3468 level. A fall below this level would intensify the bearish pressure, prompting us to consider potential lower targets at the $ 3400 and $ 3375 levels.

The price will then be forced to test the weekly support zone and try to stay above. Potential lower targets are $3400 and $3375 levels.