Ethereum price has returned to the support zone again
Ethereum’s price climbed to $2686 on Sunday, forming a new weekend low
Ethereum chart analysis
Ethereum’s price climbed to $2686 on Sunday, forming a new weekend low. After that, there was a loss of momentum to continue on the bullish side, and the price began to retreat. Soon, we fell below the EMA 200 moving average and $2640 level to a new low at $2610. On Monday, the price tried to break away and start a recovery.
It was all short-lived because, this time, we encountered resistance at $2640. The moving average presses us again and directs us to the bearish side. This caused Ethereum to start a new pullback and slip below the weekend low to a new one at $2569. With this move, we dropped into Friday’s support zone. It will be interesting to see how the price behaves now in this support zone.
The price is weak after falling below the EMA 200 moving average, reinforcing the bearish picture
If Ethereum cannot hold, it will continue today’s bearish consolidation. This brings us down to a new weekly low and only strengthens the current bearish momentum. Potential lower targets are $2560 and $2540 levels. Last week’s low price was at the $2511 level.
For a bullish option, we expect Ethereum to stabilize and initiate a bullish consolidation. With the return above $2600, the chances of us starting a further recovery on the bullish side are increasing. A price jump above $2640 moves it above the EMA 200 moving average. We thereby strengthen the bullish momentum and hope for further growth on the bullish side. Potential higher targets are $2660 and $2680, the weekend high. Last week’s high price was at the $2780 level.
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