Ethereum price continues to fall below the $3000 level

On Tuesday, the Ethereum price dropped to $2,860, forming a new weekly low there. 

Ethereum chart analysis

On Tuesday, the Ethereum price dropped to $2,860, forming a new weekly low there. However, we managed to secure support in that zone, sparking a positive consolidation. We’ve now regained ground above $2900 and are making strides towards the $2920 level. At this point, we’re receiving support from the EMA50 moving average, which we anticipate will aid in our ongoing recovery.

By crossing above the $2930 level, we’re back in positive territory, as we’re once again above the weekly open price. This development could fuel optimism for the continuation of the bullish consolidation. Our sights are set on potential higher targets at the $2940 and $2960 levels. In the zone of the $2960 level, we encounter the EMA200 moving average. We made a previous attempt to break the EMA200 line on Monday, and while we didn’t succeed, it’s a sign of our determination.

Ethereum remains under bearish pressure below $2930

With a new attempt, the chances of that happening increase, and we continue the recovery to the bullish side. We need a negative consolidation and pullback down to the $2880 level for a bearish option. There, we test the daily open price; with a drop below we go to a new daily low and threaten this week’s low.

The new pressure would affect the price of Ethereum to drop below and thus form a new weekly low. Potential lower targets are $2840 and $2820 levels. Going down, we will test the May low at the $2815 level.

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