Ethereum price recovers successfully above $3250 level
Ethereum price pulled back below the EMA200 on Friday and initiated a bigger pullback.Ethereum chart analysis
Ethereum price pulled back below the EMA200 on Friday and initiated a bigger pullback. So we saw a new low last week at the $3100 level. Then, on Saturday, the price tried to initiate a recovery and succeeded in doing so until the $3300 level. That was the maximum we saw because it was followed by a strong bearish consolidation and a pullback to a new low at the $2845 level.
We get new support at that level and start a return above the $3000 level. On Sunday, Ethereum’s price managed to gain higher support at $3000 and continue the bullish consolidation above $3100. In that zone, we come across the EMA50 moving average, which lets us move above and move up to the $3150 level. Additional support only ensured a bullish continuation that today takes us up to the $3250 level.
The weekend brought us down to $2845, do we have the strength to recover?
We expect to continue the recovery and move above the $3300 level by the end of the day. In that zone, we encounter the EMA200 moving average and will need additional strength to move above it. Potential higher targets are the $3,350 and $3,400 levels; ideally, we would return above the $3,500 level.
We need a negative consolidation and pullback below the $3150 support zone for a bearish option. Below it, we also fall below the EMA50 moving average, which puts pressure on Ethereum to continue its further pullback. By falling below $3100, we are making the first major bearish step that could trigger a stronger bearish momentum. Potential lower targets are $3000 and $2900 levels.
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