- Ethereum price rose above the $3,900 level last night.
Ethereum chart analysis
Ethereum price rose above the $3,900 level last night. We did not stop there, and today we see growth reaching the $3,960 level. We are still in a bullish consolidation zone, maintaining above $3,900. This may result in a new bullish wave reaching the $4,000 level. Possible higher targets are the $4050 and $4100 levels.
For a bearish option, Ethereum price should make the first move below the $3,900 level. We will test the daily open price at $3875. By falling below it, we are heading towards a new daily low, thus confirming the bearish scenario. We are forced to go down to the $3800 level and look for that support.
The question now is: Do we have the strength to stay above $3,900?
The inability of the Ethereum price to stop its decline there pushes it further down, breaking the previous bullish formation. The EMA50, which is moving towards the downside, creates additional pressure on the price to continue the decline. Possible lower targets are the $3,750 and $3,700 levels. There is greater support at the EMA200 moving average at the $3,600 area.
In the past 24 hours, Ethereum's trading volume fell by 23%, while its market value rose by 3.67%. From the news, we note that BlackRock aims to buy BitcoinETG for its global investment strategy and that it also intends to launch a spot Ethereum ETF.
