Ethereum price is close to forming a new weekly high

Ethereum chart analysis

Ethereum’s price has been in a strong bullish formation since this morning. A new daily high was created at the $2688 level. For now, we have some resistance in that zone and are pulling back slightly to the $2665 level. We are trying to get new support here so we can continue on the bullish side. The following important target is $2696, this week’s high.

If we managed to catch him, we could expect a jump above the $2700 level. This would form a new weekly high and strengthen the bullish path. After that, it remains to continue with bullish consolidation towards higher levels. Potential higher targets are the $2725 and $2750 levels. A step above these levels is last week’s high of $2780.

We are looking at a bullish price trend that could climb to a new weekly high

In the event of a bearish turn, Ethereum’s price would need to break below the $2650 level, leading to a shift away from today’s high and a reduction in previous momentum. This would signal the start of a pullback, with the first support expected at the $2625 level in the EMA 200 zone and the weekly open price. This zone is of particular importance as it could provide significant support and prevent further retreat.

If it happens that Ethereum continues to pull back and strengthen the bearish momentum, it will have to look for support at lower levels. Potential lower targets are the $2575 and $2550 levels. This week’s low price is $2537.

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