Ethereum rises to $3058 with support from the EMA200

Ethereum chart analysis

Last night we saw Ethereum gaining support at the weekly open price. This morning, we managed to start a recovery with two bullish impulses, upward movements in price, and a break above the $3000 level. A new weekly high, the highest price reached during a given trading week, was formed at the $3058 level.

We are now trying to hold above the $3030 level to continue on the bullish side, indicating a positive market sentiment.

We can say that now here we are trying to retest yesterday’s high at $3040 level. If we succeed in this, we will create a better position from which we can start a more specific recovery. Potential higher targets are $3080 and $3100 levels.

New Weekly High for Ethereum: Do We Continue Up?

The price would have to initiate a negative consolidation and pull back below the crucial $3000 level for a bearish option. After that, we move down to $2970, where we will test the EMA200 moving average. Increased bearish momentum would easily take us below. That brings us back to the very important $2930-$2970 zone.

After a day of bullish movement, Ethereum was then forced to retest the weekly open price to try to stay on the positive side. The inability of the price to maintain above will push it to a new low and thereby confirm the bearish dominance. Potential lower targets are the $2920 and $2900 levels, which are key support levels that could influence Ethereum’s price movement.

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