Ethereum made a new high on Monday at the $3544 level

Ethereum chart analysis

The price of Ethereum reached a new high today at the $3544 level. We managed to climb above last week’s, which was on. We are in a slight pullback to the $3,500 support level, and with that, we have returned to the zone of this morning’s movement. Over the weekend, the price of Ethereum hovered in the $3400-$3500 range.

On Sunday morning, we had short-term price instability and a drop to the $3375 level. After that, we quickly received support and returned to the previous movement zone. Now, we expect the price to find support at $3500 and start a new bullish consolidation. A return above $3525 would bring us closer to the previous low, and a break above and the formation of a new one could easily occur. Potential higher targets are $3575 and $3600 levels.

Do we go to $3600 or stay here at $3500, increasing bearish pressure?

We need a pullback below the $3450 level for a bearish Ethereum price option. With that, we would fall below the support at $3500, and the pressure would start to increase slowly, pushing us lower and lower. At $3400, it would be critical because we would be hanging, breaking the previous bullish formation. The price would form a new daily low and be in bearish momentum to continue further retreat.

Potential lower targets are $3350 and $3325 levels. In the zone around the $3325 level, we meet the EMA200 moving average and hope for its new support, which we have had since almost the beginning of February. For now, we are thinking on the bullish side as long as we are above the $3400 level.

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