Ethereum has successfully returned to a bullish trend
- Ethereum’s price climbed to $2750 this morning, a new weekly high
Ethereum chart analysis
Ethereum’s price climbed to $2750 this morning, a new weekly high. We have been in a stable bullish consolidation since Monday. On Tuesday, the price gained new support at $2650, after which it crossed above the EMA 200 moving average. With this support, it was much easier for us to continue on the bullish side.
During the morning, we first moved in the $2700 zone, only to then see a jump to the weekly high. Optimism is growing and will continue on the bullish side and conquer higher levels. By moving up to $2775, we will form a two-week high and thus strengthen the bullish trend. Potential higher targets are $2800 and $2825 levels. Ethereum’s August high was at the $3250 level.
By crossing above the EMA 200 moving average, the price gained a stronger bullish momentum
If we happen to see a stop of the bullish momentum and a return below the $2700 level, it would mean that the price does not have the strength to continue growing. The pullback of the price below $2700 pushes it to the bearish side and increases the downward pressure below the $2600 level. The $ 2700 level serves as a crucial indicator of the market’s direction. A new bearish momentum would easily knock us down to the weekly open price of $2555.
A fluctuation in the price of Ethereum in that zone would only worsen the picture and increase the chances of a further pullback. It’s important to be cautious and aware of the potential for a further pullback. After that, we expect a test of this week’s low at the $2510 level. The inability to hold there will send us to a new low and thus confirm the strengthening of the bearish trend. Potential lower targets are the $2500 and $2400 levels.
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