On Thursday, the price of Ethereum dropped to a new low
- Yesterday’s bearish consolidation dragged the Ethereum price down to the $3087 level
Ethereum chart analysis
Yesterday’s bearish consolidation dragged the Ethereum price down to the $3087 level. A new weekly low was formed there, from which the recovery was initiated. By the end of the day, the price recovered to $3200. This morning, we started with $3175, then saw a bullish impulse above $3200, up to $3275, where the daily high was formed.
The price is in a stable bullish consolidation, and there are no signs of a potential return to the bearish side. Above $3260, we get support from the EMA 50 moving average. This would strengthen the bullish momentum for a further continuation to the bullish side. Potential higher targets are the $3300 and $3350 levels. Additional resistance for the price of Ethereum could be found in the EMA 200 moving average at $3350.
The price is trying to pull out and move to the bullish side.
With the jump above the EMA 200, we are back on the bullish side again, where we were at the beginning of this week. For a bearish option, we need a negative consolidation and price rejection from the EMA 50 moving average line. With that step, we are heading towards the $3200 level and will try to stop there. The impossibility of the price to maintain there will affect us, and we will see an impulse below $3175, and there, we will test the daily open price. Too much pressure in that zone would further weigh down the Ethereum price. After that, it is possible to test yesterday’s low again before continuing with further pullback. Potential lower targets are $3100 and $3050 levels.
