The price of Ethereum rises to the $4045 level on Monday

Ethereum chart analysis

The price of Ethereum reached the $4000 level on Friday. After that, the weekend passed pretty smoothly until Sunday evening, when we approached to the Monday. The price started to retreat in a panic, and in the first hour on Monday, we saw a drop to the $3733 level. We stayed down for a short time, and a quick pullback followed above the $3800 level.

From that level, the price of Ethereum initiated a bullish consolidation and rose above the $3900 level. A strong bullish impulse continued to push the price above $4000 and took it to a new high at the $4045 level. We are now watching the strength of this momentum, which could continue to push the price to a new high. Potential higher targets are the $4050 and $4060 levels.

The next target for Ethereum is the $4100 level; if we hold above $4000

We need a pullback below the $4000 level for a bearish Ethereum price option. This could trigger a new bearish consolidation and thus confirm that the price is losing momentum to the bullish side. With the return to $3900, we switch to testing this morning’s support zone. Potential lower targets are the $3850 and $3800 levels. 

The EMA200 moving average is at the $3775 level. In the previous 24 hours, Ethereum’s trading volume increased by 83%, while its market cap increased by 2.3% to 484 billion dollars.

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