Ethereum price is under pressure to fall below $3700 level
The formation of the new weekly low price of Ethereum was yesterday at the $3701 level.
Ethereum chart analysis
The Ethereum chart analysis begins with the formation of a significant new weekly low price, which occurred yesterday at the $3701 level. This price level is important as it sets the stage for the subsequent price movements. After establishing this low, the price remained above it, returned above the EMA200, and initiated a bullish correction to the $3825 level. We tested the weekly open price at that level, but we failed to move above it.
A new bearish consolidation is pushing Ethereum’s price down to $3720, a level just below the EMA200 moving average. This morning, we moved in the $3720-$3760 range. The price is still under pressure to continue bearish consolidation and attack yesterday’s low. However, a move below the EMA200 could significantly strengthen the bearish momentum, potentially leading to the formation of a new lower low.
Ethereum is under pressure; is a new low below $3600 waiting for it?
Potential lower targets are $3675 and $3650 levels. However, we need a stable price above the $3700 level for a bullish option, which could bring positive changes to the market. We also need to get back above the moving average. With the growth to $3800, we get the support of the EMA50 and make a stronger turn to the bullish side. We are again close to testing the weekly open price at the $3825 level.
The impulse above moves us to the positive side, which will strengthen the bullish momentum. Importantly, potential higher targets are $3850 and $3875 levels, indicating the market’s potential for upward movement. This week’s high is at the $3974 level.
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