The price of Ethereum is recovering again above $3050 level

Ethereum chart analysis

Over the weekend, the price of Ethereum recovered from Friday’s drop to $2811. On Saturday evening, we climbed to the $3075 level. Price is losing momentum here and could pull back again. On Sunday, we returned below the $3000 level again and formed a weekend low at $2930. This morning, the price made two more bearish steps to the $2825 level, creating today’s low.

Compared to last week, we managed to stop above. Ethereum gathered strength to initiate a new positive consolidation and move back above the weekly open price of $2930. After that, in the previous hour, we saw a strong bullish impulse and a price jump to the $3093 level. Here, we are now testing the resistance zone from the previous weekend.

Ethereum’s pullback stopped above $2800 this morning; the question is, will it manage to hold above?

The price would have to make another impulse above in order to break off more concretely and continue the rise. In the $3150 zone, new resistance in the form of the EMA 200 moving average could prevent us from moving above. Potential higher targets are the $3175 and $3200 levels. We need a negative consolidation and a drop below the $3000 level for a bearish option. We are close to finding support in the EMA 50 moving average.

With a bearish impulse, we go below to a new low to test the weekly open price. If the bearish momentum continues, the price of Ethereum will again find itself on the negative side. This is a confirmation that we do not have the strength and that we remain under bearish pressure. Potential lower targets are $2850 and $2800 levels.

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