Ethereum price gains support at $3500 after falling
- On Monday, the price of Ethereum managed to climb up to the $3727 level, forming a new April high there.
Ethereum chart analysis
On Monday, the price of Ethereum managed to climb up to the $3727 level, forming a new April high there. After that, there was saturation in that zone, and the price began to retreat, falling below the $3700 level. Yesterday, the bearish consolidation was very strong, which caused Ethereum to drop to the $3450 level and test the weekly open price there.
We met the EMA200 moving average, which provided us with additional support and did not allow us to continue on the bearish side. The price manages to maintain and return above the $3500 level. We are now at the $3550 level and trying to break above the EMA50 moving average. This could be expected by the end of the day, and Ethereum would move to a new daily high.
Ethereum pulled back from the weekly high, now looking for support
Potential higher targets are $3600 and $3650 levels. That would erase a good part of yesterday’s fall, but we would be closer to this week’s high. For a bearish option, we need a negative consolidation and a pullback of the Ethereum price to the $3450 weekly open price. Additional resistance is the EMA200, which this time would increase the pressure on the price to start a further decline to a new lower low.
By crossing below the weekly open price, we descend into bearish territory and step towards a new weekly low. The first target is the $3400 level, and if it cannot support us, we could easily go back to testing last week’s support zone. Potential lower targets are $3350 and $3300 levels.
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