- On Monday, Ethereum price managed to rise to the $3,727 level, forming a new April high there.
Ethereum chart analysis
On Monday, Ethereum price managed to rise to the $3,727 level, forming a new April high there. After that, saturation occurred in that area, and the price started to pull back, falling below the $3,700 level. Yesterday, the bearish consolidation was very strong, causing the Ethereum price to fall to the $3,450 level and test the weekly opening price there.
We met the EMA200, which provided us with additional support and did not allow us to continue the downtrend. The price was able to maintain and return to the $3,500 level. We are now at the $3,550 level and trying to break above the EMA50. It can be expected that by the end of the day, Ethereum will move to a new daily level.
Ethereum has pulled back from a weekly high, and is now looking for support
Possible higher targets are the $3,600 and $3,650 levels. This would erase a large portion of yesterday's low, but we would be closer to this week's high. For a bearish option, we need a negative consolidation and a decline in the Ethereum price to the weekly open price of $3,450. Additional resistance is the 200 moving average, which this time will increase pressure on the price to start a further decline to a new lower low.
By crossing below the weekly opening price, we fall into the bearish zone and step towards a new weekly low. The first target is the $3,400 level, and if it cannot support us, we can easily go back to testing the support area that we saw last week. Possible lower targets are $3,350 and $3,300 levels.
