A new May high for the price of Ethereum at the $3839 level

Ethereum chart analysis

The price of Ethereum started this week calmly, hovering around the $3100 level. On Monday evening, we saw several strong bullish impulses and a rise to the $3700 level.   This was followed by consolidation in that area. On Tuesday, we saw a continuation to the bullish side and the formation of a new high at the $3839 level. We were at that place more than two months ago. 

Today’s movement of Ethereum takes place in the $3725-$3800 range. We are still in a bullish trend, but growth has slowed down and now we are moving into a certain lateral consolidation. We need to try to hold above $3700 to continue the previous bullish scenario. Potential higher targets are $3850 and $3900 levels. 

Will Ethereum manage to hold above $3700 and continue to rise?

In the event of a bearish scenario, the first significant step would be a drop in the price of Ethereum below the $3700 level. This would mark a departure from the previous growth path. Subsequently, the price would need to contend with the $3600 support level. A failure to hold this level could lead to a deeper retreat. The EMA50 moving average, currently slightly lower at the $3580 level, provides additional support in this zone. 

The impossibility of getting proper support there will affect us to see Ethereum in a bearish consolidation and search for a new level of support. Potential lower targets are $3500 and $3400 levels. The large EMA200 moving average is even lower and in the zone of $3250 level.

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