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ethereum-5-scaled.jpg” alt=”ethereum Price Weakens and Falls Below $2900″/>
- This week's bullish rally in ethereum price was halted on Thursday at the $3213 level.
ethereum Chart Analysis
This week's bullish rally in ethereum price was halted on Thursday at the $3213 level. After forming a high at that level, the price lost momentum and started a pullback. At the end of the day, we retreated below the EMA 200 moving average and the $3100 level. This morning, we continued the bearish consolidation to the $3058 level.
ethereum remains under pressure to start a fresh pullback as the recovery from this morning's low is very small so far, down to the $3080 level. This could increase the pressure on the price to start a fresh pullback and visit lower levels. We are looking at the $3000 level as a possible first more concrete support zone. A drop to that level would bring us back to the movement zone from Monday.
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Could ethereum’s fresh pullback below the 200 EMA delay the recovery?
If ethereum stays in that zone for too long, it will start a bearish consolidation and continue its decline. Possible lower targets are the $2950 and $2900 levels. The weekly opening price at $2930 would also be on the test. For a bullish option, we need a price stabilization at the current level. After that, we can expect the start of a positive consolidation and a further rise above $3100 and the EMA 200 moving average.
If ethereum manages to break out of this trend, it will gain significant support from the 200 EMA, which should pave the way for further recovery. This should give us reason to be optimistic about ethereum’s future performance.
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