Ethereum price started a recovery to a new high yesterday

Ethereum chart analysis

Ethereum’s price climbed to $2724 this morning, forming a new weekly high. We have a significant resistance in this zone in the EMA 200 moving average and the weekly open price. This led to the stoppage of price growth and descent to the $2650 level. The current movement is in the $2650-$2700 range, and we are now waiting for the impulse and non-con direction to determine the future direction of the trend.

For a bearish option, we need a negative consolidation and a drop from $2600. With this, we will first form a new daily low and get confirmation of bearish momentum. Ethereum would thereby increase the bearish pressure, and we could expect to see a further pullback and a visit to lower levels soon. Potential lower targets are $2550 and $2500 levels. Additional price support is the EMA 50 moving average.

We managed to recover; now we need a move above the EMA 200 moving average

Greater support awaits us in the zone of the $2350 level, Wednesday’s low. With this step, we descend to a critical level that could stop a further pullback. For a bullish option, we need a positive consolidation and a move above the $2700 level. This moves us above the EMA 200 and the weekly open price, increasing Ethereum’s optimism for a continuation on the bullish side.

The price could start the recovery more relaxed and reach new higher levels this week. Potential higher targets are the $2800 and $2900 levels. Last week’s high seems very far away at the $3396 level, the place from which the pullback was initiated until this week’s Monday low and the $2112 level.

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