Ethereum remains calm above the $3800 level on Wednesday

Ethereum chart analysis

Yesterday, Ethereum’s price successfully held above the EMA200 moving average. We found support around the $3750 level, after which we saw an upward momentum above $3780. This pushed the price above the weekly open price and gave it additional strength to move towards the $3830 level.

Today, we encountered resistance in that zone and pulled back to the weekly open price. We managed to hold above it and initiate a push towards $3815. Now, it’s crucial for us to stabilize above $3800 to continue on the bullish side. A jump to $3850 would bring us back to test the weekly high. This could initiate further bullish consolidation and Ethereum price recovery.

Will Ethereum hold at the EMA200 moving average support? 

Potential higher targets are the $3875 and $3900 levels. We need negative consolidation and a pullback back to the $3780 level for the bearish scenario. Here, we test support at the weekly open price and EMA200 moving average again. Increased bearish momentum would lead us to step below to a new low. This would further weaken Ethereum, leading to a pullback.

At the $3725 level, we would test this week’s low for the second time. This time, we might see a downward impulse to a new lower low. Potential lower targets are the $3700 and $3675 levels. The May low still remains distant at the $2815 level.

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