The price of Ethereum fell below the $3450 level yesterday

Ethereum chart analysis

The Ethereum market experienced a significant event yesterday as the price plummeted to $3430, marking a new low for June. This downward trend, similar to the weekend’s movement, intensified towards the end of the day, particularly at the $3660 support level. The emergence of new pressure in this zone triggered a bearish consolidation on Tuesday, leading to a further drop in the price of Ethereum to a new lower low.

However, the fall was halted at this level, and a recovery to the $3530 level commenced this morning. We are currently in a mild bullish consolidation, and there are expectations for further growth to higher levels. A price surge to $3560 would propel us towards the EMA50 moving average, which, with its support, could potentially boost bullish momentum and sustain Ethereum’s price recovery. The next potential higher targets are the $3575 and $3600 levels.

Ethereum is trying to hold above $3500; is there any strength to it?

The EMA200 moving average is up in the $3675 zone, while the weekly open price is at the $3706 level. We need a new negative consolidation and pullback below 3500 for a bearish option, the daily open price. With that step, we are moving to the negative side, thus confirming the weakness of Ethereum and its inability to initiate a recovery.

A further descent below the $3450 level would plunge us back to yesterday’s low at the 3430 level. This scenario would once again present the opportunity to test the June low, a critical support level. A downward impulse beyond this point would push the price to a new low, potentially prolonging the pullback. Potential lower targets are $3400 and $3350 levels, underscoring the need for vigilance in the face of potential market volatility.

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