Ethereum is struggling with support this week
- On Tuesday, the price of Ethereum rose to $2696, a new weekly high
Ethereum chart analysis
On Tuesday, the price of Ethereum rose to $2696, a new weekly high. We managed to break above the previous one, which was $2680. That was not enough because the price soon lost momentum and began to retreat. Already on Tuesday afternoon, the price was below the EMA 200 moving average and the weekly open price. It only strengthened the bearish impulse all the way to the $2555 level.
At the $ 2555 level, Ethereum gains new support and forms a weekly low. After that, we enter a period of lateral consolidation in the $2560-$2600 range. For now, we have resistance at $2600 and are struggling to move above it. $2610 is the weekly open price, and it would be beneficial if the price could move above to a safer side. From there, Ethereum would be in a better position to initiate a bullish consolidation and a recovery to higher levels.
Keeping the price below the weekly open level will only increase the pressure
In the $2630 zone, we will have the opportunity to test the EMA 200 moving average. By moving above it, the bullish momentum will increase, and we will get support for more concrete growth. Potential higher targets are the $2640 and $2660 levels. If the bullish consolidation continues, it is possible that we will retest the previous high.
For a bearish option, we need a negative consolidation of Ethereum and a return down to the $2560 level. A new visit to this zone will cause more pressure on the price to fall to a new weekly low. This potential for a bearish movement underscores the need for caution and risk awareness. Potential lower targets are $2540 and $2520.
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