The price of Ethereum surged to the $3275 level this morning

Ethereum price has been in a steady bullish consolidation since the beginning of this week. 

Ethereum chart analysis

Ethereum price has been in a steady bullish consolidation since the beginning of this week. Yesterday, we had a test of support at the $3160 level with support from the EMA200 moving average. After that, the price started a bullish consolidation and climbed to $3265.

There, we formed a new weekly high. After the check, we saw a return and testing of new support at the $3200 level. From there, a new positive consolidation was initiated, which continued today with the formation of a new weekly high at the $3275 level.

Now, there has been a slowdown in the bullish option, and the price has pulled back, looking for support at the $3250 level. If we succeed in this, we will have a new level of support from which we can continue to the bullish side.

Potential higher targets are $3290 and $3300 levels.

We are getting closer to the $3300 level, does Ethereum have the strength to reach it?

If the support at $3250 does not hold, Ethereum could be in trouble as it would move away from the previous bullish paths and be on the verge of breaking the previous bullish formation. After that, we look at the $3200 zone because that’s where we come across the EMA50 moving average.

A new impulse could easily send us below and spoil our bullish plans. The next lower support is at the $3170 level because here we encounter the EMA200 moving average, and it could provide us with more concrete support and stop the further retreat. Potential lower targets are $3150 and $3125 levels.

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