Ethereum is under pressure below $3600 for the second day

The price of Ethereum fell to the $3059 level on Wednesday morning, forming a weekly low there.

Ethereum chart analysis

The price of Ethereum fell to the $3059 level on Wednesday morning, forming a weekly low there. After that, the price gets that support and recovers to $3395. We encounter the first resistance at that level, and with two bearish impulses, we fall to the $3160 level of support. You make a high low and confirm the potential for price recovery.

That’s exactly what happened, and the consolidation up to the $3500 level was initiated yesterday. After that, we stopped in that zone, and by the end of the day, we moved into the $3400-$3550 range. We had additional pressure and an obstacle in the EMA200 moving average, and we never managed to move above it and start a more specific recovery.

How long will we stay below $3600 and will the zone at $3400 hold?

Ethreurem constantly bounced off the EMA200 and at one point slipped to the $3400 level. In this zone, we have the support of the EMA50, which again directs us towards $3550 and the EMA200 moving average. We are currently at the $3450 level and are leaning toward the bearish side. It is possible that we will soon see a test of the $3400 level and a drop to a new daily low. Potential lower targets are $3375 and $3350 levels.

The Ethereum price would have to move above the EMA200 and $3550 levels for a bullish option. A jump to $3600 could give us enough room to consolidate above resistance. After that, we can expect a new positive consolidation and a continuation on the bullish side. Potential higher targets are $3625 and $36500 levels.

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