Ethereum price is close to rising above the $4100 level

• Ethereum’s price rose to $4095 yesterday morning.

Ethereum chart analysis

Ethereum’s price rose to $4095 yesterday morning. After that, we saw a pullback and a drop last night to the $3824 level. Ethereum managed to stabilize there and move back up above the $3900 level.

Below, we encountered the EMA200 moving average, which did not allow us to slip below it. With its support, the price returned above $3900 and initiated a new bullish consolidation.

This morning, we broke above the $4000 level and continued the previous bullish consolidation. Ethereum climbed to the $4080 level in the previous hour and was close to testing yesterday’s high.

In this hour, we are looking at a new bullish surge, maintaining at the $4060 level. In the next few hours, the price could rise to a new weekly high and thereby surpass the old one. Potential higher targets are the $4100 and $4120 levels.

Do we continue above $4100 or will we stop at that level?

For a bearish Ethereum price option, we would have to see the first pullback below the $4040 support level. After that, we look again at the $4000 psychological level. The inability to hold above pushes the price to test the daily open price at the $3980 level.

Below, we make a new daily low and confirm that the price is in trouble and moving away from the bearish track. Potential lower targets are $3960 and $3920 levels. The EMA200 moving average is lower in the zone around the $3860 level.