The price of Ethereum bounced back above $3500 on Monday

Ethereum chart analysis

Last Monday, the price of Ethereum fell to the $3232 support level. Soon after, the price started a bullish consolidation, returning above the $3400 level. A new weekly high was formed on Thursday at the $3485 level. There, we meet a new resistance on Friday and retreat to the $3360 level.

The weekend saw Ethereum consolidating between $3,360 and $3,400, with a slight drop to the $3348 level on Sunday. However, the cryptocurrency quickly stabilized and initiated a bullish consolidation, crossing the $3425 level and climbing to $ 3450 by the end of the day. The bullish momentum continued into the new week, reaching a seven-day high at $ 3520.

Ethereum surged above EMA200, and we expect further continuation to the bullish side

The price of Ethereum stopped at that level and retreated slightly to the $3490 level. We see a consolidation in that zone and an attempt to maintain there in order to continue on the bullish side. Potential higher targets, which are crucial for your investment decisions, are $3550 and $3575 levels.

For a bearish option, we would need a negative consolidation and a price drop down to the $3430 support level. This would test the weekly open price and the support of the EMA200 moving average. If the support does not hold, a pullback to the bearish side will follow. Such a scenario would necessitate caution and could strengthen bearish momentum, forcing Ethereum to look for support at lower levels. Potential lower targets are $3375 and $3350 levels.

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