Ethereum’s price has been in a slight bearish consolidation since Wednesday.

Ethereum chart analysis

Ethereum’s price has been in a slight bearish consolidation since Wednesday. After forming the weekly high at $3517, the bullish momentum of the price pullback stopped. For the second day in a row, we are trying to get support at the $3400 level, a key support level that has significant implications for Ethereum’s price movement. Today, we are putting pressure on that level again, and the price is currently at $3390.

The negative is that a new lower high was formed at $3450 compared to the previous day. This is a sign that Ethereum’s price is losing volume and failing to return to the previous bullish formation. Based on this, the chances of us seeing a further pullback to $3325 are increasing, where we will test the EMA 200 moving average support.

Ethereum continues to face selling pressure, which is pushing its price towards the 200 EMA.

Depending on bearish momentum, the price could easily fall below a new four-day low. Potential lower targets are the $3300 and $3275 levels. However, it’s crucial to hold and return above the $3400 level for a bullish option. Only with such a move can we hope to stabilize the price of Ethereum and restart the bullish consolidation.

If we succeed in that, the next step is to test $3450. With the impulse above, we go to a new daily high and get confirmation that the price is slowly returning to the bullish side. Potential higher targets are $3475 and $3500 levels. At $3500, we are very close to testing Ethereum’s weekly high.