Ethereum price is on the rise for the seventh day in a row

Ethereum analysis chart

After Ethereum’s price bounced back above the EMA 200 moving average, a key technical indicator, there was a sharp increase in bullish momentum. During the weekend, the price recovered from $3120 to the $3250 level. The EMA 50 moving average, a widely used indicator for trend identification, and the EMA 200, a specific technical indicator, provide additional support.

This morning, the bullish consolidation, a period of sideways movement following a significant price increase from the weekend, continued, and the price of Ethereum climbed to the $3372 level. We are still in that zone and expect to climb to a new high by the end of the day. Potential higher targets are the $3400 and $3450 levels. The next most crucial level is $3516 from the first of July.

Ethereum surges above the $3300 level; is it headed for 3400 this week?

For now, the bullish trend is very strong, and there are no indications of a potential break and pullback. We need a negative consolidation and a drop below the $3300 level for a bearish option. If it is suspected that Ethereum has no more strength to stay on the bullish side, it could already have a significant effect.

After that, the price should look for support at the weekly open price of $3250. By falling below that level, we move to the bearish side and will be under pressure to create a new weekly low. Potential lower targets are the $3200 and $3150 levels. Additional support in the $3150 zone is the EMA200 moving average.

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