Ethereum Consolidates for New Targets and Prices Wednesday

Ethereum chart analysis

The price of Ethereum yesterday had a strong bullish impulse to a new weekly high at the $2686 level. The price fell with a strong bearish impulse back to the $2540 support level in the next hour. We managed to consolidate at $2565 and get support from the EMA 50 moving average there. After that, Ethereum started a bullish consolidation that was above the $2600 level.

This caused the price to rise to $2,630 this morning, forming a daily high there. We have a new resistance at that level and are starting a mild bearish consolidation up to $2600. The EMA 50 moving average is waiting for us in the zone of $2585, and we could test it if the pullback continues. If that is not enough support, Ethereum will have to break below and form a new daily low.

The price stops this morning at the $2630 level, where it loses its bullish momentum

Potential lower targets are $2575 and $2550 levels. The EMA 200 moving average is waiting for us in the $2525 zone as additional support for staying on the bullish side. For a bullish option, Ethereum would have first to break above today’s resistance level. If it succeeds in that intention, the price will form a new daily high and thus confirm that it has the strength to start a recovery.

After that, the chances of starting a bullish consolidation and a jump above $2650 increase. That should be enough momentum to attack the previous high and try to reach the $2700 level. Potential higher targets are $2725 and $2750 levels.

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