Ethereum price is trying to initiate a bullish consolidation

• The price of Ethereum is under some pressure after Monday’s jump to the $3728 level.

Ethereum chart analysis

The price of Ethereum is under some pressure after Monday’s jump to the $3728 level. A strong, bearish consolidation and departure from the bullish path followed this. Yesterday, we saw an attempt to recover after falling to $3413. The recovery was stopped at the $3615 level and we are starting to pull back again to the $3480 level.

Here we come across the EMA200, which gives us good support and keeps us above its line. Today’s movement takes place in the $3480-$3550 range with slight bullish touches. We expect that we could see an upward impulse and a break above this channel to a new daily high.

We need a bullish impulse from Ethereum to move above the $3650 level

Potential higher targets are $3625 and $3650 levels. For a bearish option, we need to go back down to test the EMA200 moving average in the zone of the $3490 level.

Moving below, we look for the next support at the weekly open price at the $3450 level. If the pressure on the thus wounded Ethereum continues, it will be followed by a continuation of the withdrawal to the bearish side and a new weekly low.

It only reinforces the negative picture and takes us even further away from last week’s bullish option. Potential lower targets are $3424 and $3400 levels. Going down below $3400, we return to the zone of the previous weekend’s movement with a view to the $3300 level.