Ethereum price climbed back above $3125 on Saturday

Last week’s bullish formation of Ethereum reached its maximum on Saturday at the $3144 level.

Ethereum chart analysis

Last week’s bullish formation of Ethereum reached its maximum on Saturday at the $3144 level. After which we saw a pullback to the $3060 support level on Sunday. The price starts a new bullish consolidation from there, returning above the $3100 level. Today’s high was formed at $3138, and we are on our way to testing last week’s high.

Today’s support level has been moved to $3070 and we expect to hold above to continue the recovery. Returning to the zone above $3140 would mean that we will soon see the price at the $3150 level. Depending on the bullish momentum, growth could continue to even higher levels. Potential higher targets are the $3175 and $3200 levels. We also have support in the EMA50 moving average, which gives us further optimism for the bullish option.

If we stay above the $3060 level, does Ethereum have the strength for it?

If we see a drop to the $3070 level, the price would drop to the weekly open price. A longer stay in that zone would cause the price to slide below to a new daily low. This gives us confirmation that Ethereum is losing its previous bullish castle and that a price correction will follow.

With a pullback to the $3025 level, we descend to the EMA200 moving average, expecting to pause here for some time. If the support gives way, we will quickly land below to a new lower low. This step will only strengthen the bearish momentum, and we can hope for a deeper pullback. Potential lower targets are $3000 and $3975 levels.

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