The price of Ethereum in this week’s pullback below $3000

Ethereum chart analysis

The price of Ethereum is currently falling below the $3000 level. Bearish consolidation started on Monday after we climbed to the $3221 level. We dropped very quickly below $3100 and the EMA200 moving average. This led us to form a low at the $3020 level on Tuesday morning. There, we got the first support, and from there, we started a bullish consolidation up to the $3120 level.

At that point, we formed a lower high and the price was forced to initiate a new bearish consolidation. We are pulling back below $3100 again, and today, we are looking at a continuation below the $3000 level. Ethereum’s new weekly low price was formed at the $2991 level. We expect to start a further pullback and look for support at a lower level. Potential lower targets are $2975 and $2950 levels.

Did Ethereum have the strength to stop this week’s bearish trend?

Last week’s low price of Ethereum was at the $2815 level. If we manage to stay above the $3000 level, we will have the opportunity to form a new bottom. From there, we can expect to start a positive consolidation and get rid of the bearish pressure.

After that, we need to go back above $3100 and thus move above the EMA50 and EMA200 moving average. This way, we get their support, and it will be easier for us to start a further recovery on the bullish side. Potential higher targets are $3150 and $3175 levels. A return above the weekly open price would be a full shot to turn to the bullish side.

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