Ethereum chart analysis

The price of Ethereum rose above the $2500 level again on Monday. In two attempts, we tried to hold above, but both times, the price moved back below $2500. The second pullback was stronger, and the price dropped on Tuesday to a new weekly low at the $2403 level. We can say that we are testing the $2400 level. Ethereum finds new support there and recovers to new resistance at the $2447 level this morning.

We got additional pressure on the price in that zone in the EMA 50 moving average. Now we see another pullback to $2420. The bearish momentum is strengthening, and we expect to test this morning’s support zone at $2400. The picture looks bad for Ethereum as everything points to a further pullback to a new weekly low. Potential lower targets are $2380 and $2360 levels.

Monday’s pressure on the price pushes it to a new weekly low this morning

For a bullish option, Ethereum’s price would first have to return above the weekly open level of $2440. This would be the first positive move we need to get back on the bullish side. After stabilizing there, we expect to continue to $2460 and test the EMA 200 moving average. Then, it is necessary for the price to create an impulse above at least the $2480 level, which could signal a potential bullish recovery.

That could be enough room to consolidate above the EMA 200 and continue to the bullish side. Potential higher targets are $2500 and $2520 levels. Above these targets, we are going to a new weekly high, while the October one is at the $2657 level.