Ethereum’s price has been in a strong bearish consolidation since Friday. 

Ethereum chart analysis

Ethereum’s price has been in a strong bearish consolidation since Friday. The inability to sustain in the $3200 zone led to the initiation of bearish consolidation. By Friday evening, the price had retreated to the $3000 level. Over the weekend, we saw no signs of a potential recovery, which had a negative impact.

On Sunday, a new strong bearish impulse lowers the price to a new low at the $2600 level. The price of Ethereum tried to stop there and find support, but the attempt was short-lived. The new resistance at $2800 did not allow us to continue the recovery, and we were forced to continue the pullback. Quick bearish impulses on Monday morning, right at the day’s opening, sent Ethereum’s price down to the $2112 level. The price dropped by $1100 in just under four days, losing more than 35% of its value.

The price could easily fall below $2000 if this trend continues.

After that, we are looking at price consolidation in the $2250-$2350 range. Ethereum has put it to sleep, and now it is going to jump this rank and start a recovery. We are currently looking at the opposite, and the chances are increasing that we will continue on the bearish side and visit the previous low. Potential lower targets are $2000 and $1900 levels. The last time the price was below $2000 was in November last year.

For a bullish option, we need to see price stabilization above the $2400 level. If Ethereum succeeds in this, it will have a new position from which it could start a recovery to the bullish side. Potential higher targets are $2500 and $2560 levels. The first resistance is in the EMA 50 in the zone of the $2700 level.