Ethereum price is close to forming a new weekly high

ethereum price has been in a strong bullish formation since this morning.

ethereum Chart Analysis

ethereum price has been in a strong bullish formation since this morning. A new daily high was created at the $2688 level. For now, we have some resistance in that area and we are slightly pulling back to the $2665 level. We are trying to get some new support here so we can continue on the bullish side. The next major target is $2696, this week’s high.

If we manage to catch it, we could expect a breakout above the $2700 level. This would form a new weekly high and strengthen the bullish trajectory. After that, it remains to continue the bullish consolidation towards higher levels. Possible higher targets are the $2725 and $2750 levels. A move above these levels is last week's high of $2780.

We are seeing a bullish price trend that could rise to a new weekly high.

In the event of a bearish reversal, the ethereum price would have to fall below the $2650 level, which would lead to a move away from today's high and a reduction in the previous momentum. This would signal the start of a pullback, with the first support expected at the $2625 level in the EMA 200 zone and the weekly opening price. This zone is of particular importance as it could provide significant support and prevent a further pullback.

If ethereum continues to pull back and strengthen the bearish momentum, it will have to look for support at lower levels. Possible lower targets are the $2575 and $2550 levels. The low price for this week is $2537.

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