The price of Ethereum has been in retreat for a week now

Ethereum chart analysis

On Saturday, the price of Ethereum continued the previous bearish consolidation. In the first hours of Saturday, we saw a drop below the $3700 level. For the rest of the day, the price remained on the bearish side, descending to the $3450 level. We broke through the previous Friday’s low and formed a new one.

On Sunday morning, the price tried to initiate a bullish consolidation but stopped at the $3570 level. This was followed by a bearish impulse and a drop to a new low at the $3411 level. With the new support, we started another bullish consolidation and managed to move above the $3570 level. By the end of the day, Ethereum climbed to the $3675 level.

Ethereum could test the $3500 level by the end of the week

On Monday, we see a new bearish picture of Ethereum and fall again below the $3600 level. We are not able to move above the daily open price at the $3642 level. By moving above, we could start a bullish consolidation and start a recovery. Potential higher targets are $3700 and $3750 levels. Additional price resistance in a bullish trend could be the EMA200 moving average.

The price is currently at $3575 and on the way to form a daily low. The first target of possible support is at the $3500 level. Failure to hold above will lead to another drop below and thus confirm the bearish momentum. We then turn to the weekend support levels, and the potential lower targets are the $3450 and $3400 levels. A fall of Ethereum to a new ten-day low would significantly distance it from the previous bullish trend.

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