Ethereum price in a bullish rally at the start of this week

Ethereum chart analysis

Over the weekend, Ethereum’s price fluctuated within the $3200-$3300 range. Notably, after reaching a high of $3327 on Saturday, the price retracted to $3200, a crucial support level. This was followed by a bullish consolidation on Sunday, pushing the price up to $3275.

On Monday, the price of Ethereum continued its recovery, and with this morning’s impulses, it broke the previous weekend’s high. At $3320, the price is supported by the EMA 200 moving average and rises to the $3389 level. There are good chances to see further growth, continue the bullish momentum, and form a new high on the bullish side. Potential higher targets are the $3400 and $3425 levels. Last week’s high price for Ethereum was at $3562.

Ethereum price looks promising to continue on the bullish side

If we see a reduction in the bullish momentum of the price at the current level, it could trigger a bearish option and a pullback in the price of Ethereum. The $3350 level could be a critical point for determining the further trend. A move below would indicate that we are moving away from the previous bullish path and turning to the bearish side.

A new negative impulse could bring the price down to $3300 and the EMA 200 moving average. A continuation of the bearish option pushes Ethereum below the EMA 200 to a weekly open price of $3275. Below this line, the price is under increasing bearish pressure, and we will have to look for new support at lower levels. Potential lower targets are the $3250 and $3200 levels. For now, we are looking at the bullish side and sticking to the current trend.

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