The price of Ethereum is losing momentum at the $3200 level

• This week’s bullish rally in the price of Ethereum was stopped on Thursday at the $3213 level. 

Ethereum chart analysis

This week’s bullish rally in the price of Ethereum was stopped on Thursday at the $3213 level. After forming a high at that level, the price lost momentum and initiated a pullback. By the end of the day, we pulled back below the EMA 200 moving average and the $3100 level. This morning, we continued with the bearish consolidation up to the $3058 level.

Ethereum is still under pressure to start a further retreat because the recovery from this morning’s low is very small so far, up to the $3080 level. This could increase the pressure on the price to start a further pullback and visit lower levels. We are looking at the $3000 level as a possible first more concrete support zone. By descending to that level, we would return to the movement zone from Monday.

Ethereum’s new pullback below the 200 EMA could delay the recovery?

Staying in that zone for too long would cause Ethereum to initiate a bearish consolidation and continue its decline. Potential lower targets are $2950 and $2900 levels. The weekly open price at $2930 would also be on the test. For a bullish option, we need price stabilization at the current level. After that, we can hope for the initiation of a positive consolidation and a new rise above $3100 and the EMA 200 moving average.

If Ethereum manages to move above, it will gain significant support from the EMA 200, which should open the way for further recovery. This should give us reason to be optimistic about Ethereum’s future performance.