Ethereum is struggling with resistance at the $3100 level
The price of Ethereum rose to the $3280 level on Monday.Ethereum chart analysis
The price of Ethereum rose to the $3280 level on Monday. We started a pullback and bearish consolidation after forming a high at that point. By the end of the day, we fell below the $3100 level. On Tuesday, the price remains under bearish pressure and continues down to $2990. We test the $3000 level in that zone and form a weekly low.
Our intention was successful, leading to a new positive consolidation and recovery of the Ethereum price up to the $3125 level. However, we now face resistance here and pull back to $3100, coinciding with the EMA50 moving average.
Falling below it, but maintaining above the $3080 level indicates the pressure in that zone. A bearish impulse and a drop to a new daily low could easily occur, influenced by the EMA50.
Ethereum is stable above $3080 for now; it needs an impulse to start a recovery.
Potential lower targets are $3050 and $3025 levels, and we may be testing the $3000 support zone again. Moving up to the $3150 level would make a significant step to the bullish side. We would be close to the weekly open price and by crossing above it, we return to the positive side. We get support from the EMA50, which further strengthens the optimism for further recovery.
Looking ahead, the $32000 level could serve as the next consolidation zone on the bullish path. If the price continues to rise, potential higher targets are the $3225 and $3250 levels. However, keep in mind that the EMA200 moving average around the $3250 level could pose additional resistance.
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