Ethereum, after a month, again above the $2700 level

Ethereum chart analysis

Over the weekend, the price of Ethereum climbed above the $2600 level. On Monday, we saw new momentum and growth to a new high at the $2703 level. A slight loss of momentum in that zone led to a pullback and support at $2610. There, we met the EMA 50 moving average, which was good support for us and prevented us from continuing on the bearish side.

After that, Ethereum started a new bullish consolidation and is now at the $2660 level. A return above the daily open price to the positive side will ease the way for us to continue on the bullish side. We expect the price to start a further recovery and retest yesterday’s high. Potential higher targets are the $2720 and $2740 levels.

New price support this morning at the $2610 level keeps us on the bullish side

For a bearish option, we need a negative consolidation, a drop in Ethereum price below $2600, and below the EMA 50 moving average. Such a picture would show that the bearish pressure is strengthening and that we could see down to the weekly open price and the $2580 level. The inability of the price to hold there will only increase the pressure on the price to continue on the bearish side. After that, we will see the formation of a new weekly low, thereby confirming the bearish option’s dominance. Potential lower targets are $2540 and $2520 levels.

U.S. spot ETFs for Ethereum posted net outflows of $79.21 million on Monday, marking their largest daily capital outflow since July 29. Grayscale Ethereum Trust (ETHE) saw $80.55 million leave the fund on Monday, its largest capital outflow since July 31, according to data from Sosovalue.

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