Ethereum fell under pressure to the $3585 level on Friday
Friday brought a big pullback in Ethereum price from $3840 to $3585.
Ethereum chart analysis
Friday brought a big pullback in Ethereum price from $3840 to $3585. Shortly after the formation of a new low, the price recovers to the 36604 level. During the weekend, the movement took place in the $3660-$3720 range. This morning we see new price instability and the initiation of bearish consolidation up to the $3640 level.
Currently, the market is holding above the crucial $ 3640 level and making its way up to the $3670 level. However, we need a more significant upward push to establish a stronger bullish trend, ideally returning to the $3700 level. This would involve testing the weekly open price and the EMA50 moving average in that zone. Sustained stability above these two levels would greatly enhance the likelihood of initiating further bullish consolidation.
A bearish start to the week could push the price to a new low
Potential higher targets are $3725 and $3750 levels. The additional resistance and the $3750 zone is the EMA200 moving average that was our support last week. We need a negative consolidation and a new pullback below the $3640 level for a bearish option. This moves us to a new weekly low.
If Ethereum experiences a significant drop below the $ 3600 level, it could lead to a new lower low. The potential lower targets to be aware of are the $3625 and $3600 levels. A pullback below $3600 would open the door to a drop to $3500 at the EMA50-daily support level. At this point, the price would be in a strong bearish momentum, potentially returning to the May support zone of $2,800-$3,300.
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