The price of Ethereum after two months is back at $3950

The price of Ethereum has been in a stable bullish consolidation since Friday and is falling to the $3629 support level.

Ethereum chart analysis

The price of Ethereum has been in a stable bullish consolidation since Friday and is falling to the $3629 support level. The weekend was very bullish for the price, with the formation of a new high at the $3875 level. After that, we saw a slight pullback to the $3825 level. 

This morning, with this week’s opening, the price is starting a new positive consolidation, crossing over last week’s high and forming a new high at the $3950 level. The excellent bullish momentum for Ethereum should influence us to see continued growth until the end of the day and expect the formation of a new weekly high. Potential higher targets are $3975 and $4000 levels. 

Will we see Ethereum bounce back above $4000 this week? 

We need a new negative consolidation and a pullback below the $3900 level to consider a bearish option. After that, reaching $3875, we will form a new lower low compared to the previous one, which would indicate that we are potentially looking at a further pullback to the bearish side. Below that, we have space up to $3825, where the weekly open price and the EMA50 moving average await us, underscoring the importance of being cautious and aware of potential risks.

The Ethereum price’s inability to sustain above these crucial support levels will trigger a further pullback. It’s vital to monitor these levels closely, as potential lower targets are $3800 and $3775 levels. The EMA200 moving average remained low in the zone of the $3630 level, indicating the need for careful observation and strategic decision-making.

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