Bullish Monday pushes Ethereum price to the $3600 level
- The previous week was very bearish for the price of Ethereum.
Ethereum chart analysis
The previous week was very bearish for the price of Ethereum. We started with $2,654 and then fell to $3,205. On Thursday, we had the first bullish attempt to recover, but we stopped at $3400 and the EMA200 moving average, after which we returned to the weekly support zone. On Friday, the price more seriously managed to get rid of the bullish pressure, and stabilize above the $3320 level and get the support of the EMA50 moving average.
On Saturday, we continued the bullish consolidation from Friday and are climbing again within reach of the $3400 level and the EMA200. On Sunday morning, we make the first break above these resistance levels. This increases the bullish pressure and pushes the price to the $3450 level. On Monday morning, Ethereum was timid and first retreated to the $3410 level. After new support, it again turned to the bullish side.
Here we are again at $3600 and hopefully continue towards $3700
New bullish impulses push the price of Ethereum more and more, this time to the $3600 level. We are now one step closer to last week’s high at the $3654 level. Moving beyond it only increases the chances of seeing further growth and visiting higher levels. Potential higher targets are $3680 and $3700 levels.
If there is a halt in the growth of the price of Ethereum, there will be a retreat and a search for a new level of support. $3500 could be the first important level that could provide us with good support. Below $3450, we fall below the weekly open price and thus step on the bearish side. Potential lower targets are $3400 and $3350 levels.
