The new weekly low for Ethereum this morning below $2900

Ethereum chart analysis

We saw a new low price of Ethereum this morning at the $2867 level. Before that, the price failed to maintain the $3080 level, and a bearish consolidation followed at the low mentioned below. We quickly consolidated and started a recovery, moving back above the $3000 level. At $3040, we climb above the EMA50 moving average, and with its support, we continue to grow up to the $3120 level.

We are climbing to a two-day high, thus hinting that we could continue up to the $3160 level and the EMA200 moving average. A move above the EMA200 would bring us back above it after a week of movement below. Additional pressure on $3160 is the weekly open price level.

Recovery from this morning’s decline could continue above $3160

A move above Ethereum would return to the positive side from where it would be much easier to continue further recovery. Potential higher targets are the $3200 and $3250 levels. If we fail to move above these resistance levels, another pullback in Ethereum price follows.

With another drop below $3000, the price level would be under heavy bearish pressure to continue even lower. The EMA50 moving average would be on the upside, reinforcing the overall negative picture for Ethereum. After that, the expected continuation is to initiate a bearish consolidation. Potential lower targets are $2900 and $2800 levels.

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