- ethereum price has been in a slight bearish consolidation since Wednesday.
ethereum Chart Analysis
ethereum price has been in a slight bearish consolidation since Wednesday. After forming the weekly high at $3517, the bullish momentum from the price pullback was halted. For the second day in a row, we are trying to find support at the $3400 level, a key support level that has significant implications for ethereum price movement. Today, we are putting pressure on that level again, and the price is currently at $3390.
On the downside, a new lower high was formed at $3450 compared to the previous day. This is a sign that ethereum price is losing volume and failing to return to the previous bullish formation. Based on this, the chances of a further pullback to $3325, where we will test the support of the EMA 200 moving average, are increasing.
<img decoding="async" class="alignnone size-large wp-image-314263" style="aspect-ratio:1024/573" data-class="LazyLoad" src="https://6ztkp25f.tinifycdn.com/wp-content/w3-webp/uploads/2024/07/ethereum-chart-analysis-6-1024×573.jpgw3.webp” alt=”ethereum Chart Analysis” width=”1024″ height=”573″/>
ethereum continues to face selling pressure that is pushing its price towards the 200 EMA.
Depending on the bearish momentum, the price could easily drop below a fresh four-day low. Possible lower targets are the $3300 and $3275 levels. However, it is crucial to sustain and break above the $3400 level for a bullish option. Only with such a move can we hope to stabilize the ethereum price and restart the bullish consolidation.
If we succeed, the next step will be to test $3,450. With the above momentum, we will reach a new daily high and get confirmation that the price is slowly returning to the bullish side. Possible higher targets are the $3,475 and $3,500 levels. At $3,500, we are very close to testing ethereum’s weekly high.
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