Ethereum price is trying to stay above the $3800 level

Ethereum chart analysis

The price of Ethereum is currently under the influence of slight bearish pressure, which was evident on Thursday when it dipped below the $3850 level. However, the market saw a strong, bearish impulse that was supported at the $3759 level. This led to a quick recovery, pushing the price back above the EMA200 moving average and $3800.

From the current zone, a recovery was initiated this morning, reaching the level of $3825. However, the momentum failed to continue, and the price turned bearish again, currently at the $3809 level. The market movement is notably slow today, with low volume on the chart. A significant move above the EMA50 is needed to break away and initiate further correction.

Are we staying on the bullish side, or are we heading into a deeper pullback?

A move to the $3840 level would be a great move that would pull Ethereum’s price back to the bullish side. Potential higher targets are $3860 and $3880 levels. This week’s high price was on Wednesday at the $3887 level.

We need to initiate a negative consolidation up to the $3800 level for a bearish option. In that zone, we will test the EMA200 moving average. If the pressure on the price continues, it will fall below and descend to the weekly open price of $3778. With a new bearish momentum, we break through that support and move to a new low. This only reinforces the negative image of Ethereum. Potential lower targets are $3760 and $3740 levels.

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