After almost two months, the price of Ethereum is below the $3000 level again. 

Ethereum chart analysis

After almost two months, the price of Ethereum is below the $3000 level again. The price has been under heavy bearish pressure since Wednesday, and the descent is below the EMA200 moving average. We first saw a drop below $3300 on Wednesday evening. On Thursday, the withdrawal continued, and the price fell to the $3050 level.

On Friday morning, a strong bearish impulse continued its retreat 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 impulse, they could fall below the $2800 level.

Ethereum price’s significant pullback below $3000 adds to the bearish pressure

Despite the current descent, there is potential for Ethereum to stabilize above the $ 2900 level. The $2750 and $2700 levels are within reach, marking a return to the movement from the beginning of the year. If Ethereum manages to stabilize above the $2900 level, it would significantly increase the chances of a positive consolidation and a return above the $3000 level, reassuring investors in the market.

If Ethereum manages to return above the $ 3000 level, it would significantly move away from the morning’s low, sparking 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, indicating a potential for Ethereum to surpass these levels. Over the weekend, the price will have a chance to rest a bit and hopefully recover.