Ethereum is rising to a new weekly high this morning

Ethereum chart analysis

The price of Ethereum rose to $2652 this morning, a new weekly high. After that, bullish momentum was lost, and we were forced to start a pullback. We find support at $2,590, and the price has been successfully held back above $2,600. Now, Ethereum is at the $2620 level, and we expect it to move above the daily open level. This would return to the positive side and increase optimism for further progress to the bullish side.

This means we will see a retest of the previous high and hope for a new one to form. Potential higher targets are $2675 and $2700 levels. The price was above $2,700 the previous time on September 28. For a bearish option, Ethereum needs to stop trying to get back above the daily open level.

The price is losing momentum after forming a new weekly high this morning

After that, it remains to see the initiation of bearish consolidation and the testing of today’s low. A break below is a sign that the price does not have the strength to remain bullish and to follow a deeper pullback to a new low. In the $2550 zone, we will meet the EMA 50 moving average. Failure to hold above and gain its support will cause Ethereum to continue its bearish trend. Potential lower targets are $2525 and $2550 levels.

Spot Ether ETFs saw a net inflow of $17.07 million on Monday, the largest positive inflow this month. If the October trend continues, we can expect even higher net inflows, which is good for Ethereum’s positioning in the overall crypto basket.

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