The price of Ethereum remains under pressure below $3150

On Wednesday, ethereum made a significant climb to the $3293 level, marking a weekly high.

Ethereum chart analysis

On Wednesday, ethereum made a significant climb to the $3293 level, marking a weekly high. However, a bearish consolidation and subsequent decline from $3150 and the EMA200 moving average followed. Despite our anticipation of support, it was not forthcoming, leading to a further pullback to the $3100 level. This underscores the importance of the support levels in understanding Ethereum’s price movements.

After forming a weekly low at that level, the price starts a bullish consolidation and rises again above $3150 and EMA200. With that, we formed a new high at the $3190 level. This is where we stop and this morning, we see a new pullback to the $3120 level. We are back below the EMA200, which brings us back to the bearish side and we are now looking at where we could find new support.

Do we stay below $3150, or will we rally for a break above?

For a potentially bullish scenario, Ethereum has the opportunity to reclaim the moving average and $3150. If it manages to maintain this position and establish a new bottom, it could set the stage for a positive consolidation, signaling a bullish trend. This optimistic outlook is contingent on Ethereum’s ability to overcome its current challenges.

Potential higher targets are $3200 and $3225 levels. Depending on the bullish impulse, we could also test this week’s resistance zone from Wednesday until the end of the week, as we would be above the weekly open price, which gives a positive picture for Ethereum.

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