Ethereum price climbs to EMA200 moving average and $3000

Ethereum chart analysis

Ethereum’s new two-week low price was formed this morning at the $2864 level. After forming a new low price, it manages to hold there and initiate a bullish consolidation from there.  With a couple of strong, bullish impulses, we climb up to $2980 and test the resistance in the EMA200 moving average. The moving average is a widely used technical indicator that smooths out price data to identify trends. On Friday, we were in the EMA200 zone but failed to step above it.

Despite a bearish impulse that brought us down to the $2880 level, Ethereum’s price demonstrated resilience. It maintained a stable bullish consolidation up to $2950 over the weekend. This resilience is a positive sign, hinting at the potential for a recovery on the bullish side.

Is there a way for Ethereum to skip EMA200?

Potential higher targets are $3020 and $3040 levels. A successful jump to $3060 would test the previous resistance zone, indicating a bullish trend. However, a failure to move above the EMA200 could lead to a negative consolidation, with the $2950 level becoming a key area of interest. Potential lower targets are $ 2900 and $ 2850 in this case.

Even if we slip below the EMA50 moving average, it’s important to note that this doesn’t negate the potential for a recovery. While potential lower targets are $2900 and $2850 levels, we remain optimistic about Ethereum’s price movement.

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