Ethereum Price Drops to $3059: What to expect next?

• The price of Ethereum is getting closer to the $3000 level, and this is proven by this morning’s drop to the $3059 level.

Ethereum chart analysis

The price of Ethereum is getting closer to the $3000 level, and this is proven by this morning’s drop to the $3059 level. Over the weekend, on Saturday, the price only managed to recover to the $3700 level, where it met resistance. We pulled back from there, and on Sunday, we fell to a new low at the $3415 level. Then, we try to initiate a new recovery, and by the end of the day, we return to the $3650 level.

On Monday, Ethereum started a new pullback and fell below the $3500 level by the end of the day. On Tuesday, we immediately continued bearish consolidation and quickly dropped below the $3400 level. We got the next low at the $3200 level, from which we recovered to the $3350 level.

Ethereum is falling lower; does it have the power to stop it?

New price resistance is encountered at that level and makes a pullback, this time to the $3150 level. This morning, we continued that pullback all the way to $3059, where we formed a weekly low. For now, we are successfully maintaining above and climbing up to the $3200 level. The current consolidation gives hope that we could see further recovery. We need to move above $3350 of the previous high and thus confirm the bullish consolidation.

An additional resistance in that zone is the EMA50 moving average, which has not allowed us to move above it since the beginning of the week. Potential higher targets are the $3400 and $3500 levels. EMA200 was in the zone around $3600. We need to test today’s low at $3059 for a bearish option. A new dip down could create a bearish impulse to a lower low. Potential lower targets are the $3050 and $3000 levels.