Ethereum price is in a bullish trend towards the $4000 level

Ethereum chart analysis

Ethereum’s price climbed above the $3900 level last night. We did not stop there, and today, we see growth up to the $3960 level. We remain in a bullish consolidation, maintaining above the $3900 level. This could produce a new bullish impulse up to the $4000 level. Potential higher targets are the $4050 and $4100 levels.

For a bearish option, the price of Ethereum would have to make the first step below the $3900 level. We would test the daily open price at $3875. By falling below it, we go to a new daily low and thereby confirm the bearish scenario. We are forced to go down to $3800 and look for that support.

Now the question is, do we have the strength to stay above $3900?

The inability of the price of Ethereum to stop its decline there pushes it even lower, breaking the previous bullish formation. The EMA50 moving average, moving to the bearish side, creates additional pressure on the price to continue retreating. Potential lower targets are the $3750 and $3700 levels. Greater support is in the EMA200 moving average in the $3600 zone.

In the previous 24 hours, Ethereum’s volume decreased by 23%, while its market cap increased by 3.67%. From the news, we note that BlackRock aims to buy BitcoinETG for its global investment strategy and that it also intends to launch a spot Ethereum ETF.

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