- After almost two months, the ethereum price is back below the $3000 level.
ethereum Chart Analysis
After almost two months, the ethereum price is back below the $3000 level. The price has been under strong bearish pressure since Wednesday and the decline is occurring below the EMA200 moving average. The first time we saw a drop below $3300 was on Wednesday evening. On Thursday, the decline continued and the price fell to the $3050 level.
On Friday morning, a strong bearish momentum continued its pullback below $3000, forming a new five-month low at the $2811 level. Since then, the picture on the chart has not changed significantly and ethereum is still in the support zone. This is not good because with a new bearish momentum, it could fall below the $2800 level.
<source type="image/webp" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2024/07/ethereum-chart-analysis-2-1024×573.jpg.webp”/>
<img decoding="async" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2024/07/ethereum-chart-analysis-2-1024×573.jpg” alt=”ethereum Chart Analysis” width=”1024″ height=”573″/>
ethereum Price’s Major Pullback Below $3,000 Increases Bearish Pressure
Despite the current decline, there is potential for ethereum to stabilize above the $2900 level. The $2750 and $2700 levels are within reach, marking a return to the move from earlier in the year. If ethereum manages to stabilize above the $2900 level, it would significantly increase the chances of positive consolidation and a move back above the $3000 level, reassuring investors in the market.
If ethereum manages to break back above the $3000 level, it would significantly move away from the morning low, which gives rise to optimism for a continuation on the bullish side. The potential for higher targets at the $3100 and $3200 levels becomes more feasible. The EMA50 moving average is in the $3150 zone, while the EMA200 is around $3300, which indicates a potential for ethereum to break above these levels. Over the weekend, the price will have a chance to rest a bit and hopefully recover.
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