On Thursday, the price of Ethereum fell to a new low

Yesterday's bearish consolidation dragged the ethereum price down to the $3087 level

ethereum Chart Analysis

Yesterday's bearish consolidation dragged the ethereum price down to the level of $3087. A new weekly low was formed there, from which the recovery began. By the end of the day, the price rallied to $3200. This morning, we started at $3175, then we saw a bullish push above $3200, up to $3275, where the daily high was formed.

The price is in a stable bullish consolidation and there are no signs of a possible return to the bearish side. Above $3260, we get support from the EMA 50 moving average. This would strengthen the bullish momentum for further continuation on the bullish side. Possible higher targets are $3300 and $3350 levels. Additional resistance for ethereum price could be found at the EMA 200 moving average at $3350.

The price is trying to pull back and move towards the bullish side.

With the break above the 200 EMA, we are back on the bullish side, where we were at the beginning of this week. For a bearish option, we need a negative consolidation and rejection of the price from the 50 EMA moving average line. With that step, we head towards the $3200 level and will try to stop there. The failure of the price to hold there will affect us, and we will see a push below $3175, and there, we will test the daily opening price. Too much pressure in that area would further weigh down the ethereum price. After that, it is possible to test yesterday's low again before continuing with a further pullback. Possible lower targets are the $3100 and $3050 levels.

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