Ethereum price in a bearish trend since this morning
- At the start of this week, we saw the Ethereum price jump to the $3562 level.
Ethereum chart analysis
At the start of this week, we saw the Ethereum price jump to the $3562 level. The price loses its bullish momentum at that level and begins to pull back below the $3500 level. This is how today’s low was formed at the $3460 level. For now, we have managed to stop the pullback and maintain around the $3480 level. The EMA 50 moving average, a technical indicator that shows the average price of an asset over a specific period, remained in the $3500 zone and is now on the bearish side.
We need a new impulse to get back on top and get his support again. Should Ethereum succeed in this, we could hope for further recovery on the bullish side. With a return to the $3540 level, the price would return to the positive side above the weekly open price. This would positively affect further continuation and recovery at higher levels.
Ethereum is in retreat from this morning to the $3460 support level.
Potential higher targets are the $3560 and $3580 levels. We need the first pullback below today’s low at $3460 for a bearish option. With a drop below, we will create a new daily low and thereby confirm the bearish pressure on the price of Ethereum. After that, we expect bearish consolidation and a pullback to the $3420 level.
At that level, we meet the EMA 200 moving average and hope for its support and the termination of further retreat. The inability to hold there will extend the bearish option and the price of Bitcoin will have to defeat a new support level. Potential lower targets are the $3400 and $33804 levels.
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