Ethereum chart analysis

Yesterday, Ethereum’s price jumped above the $3800 level after more than two years. The last time the price was at that level was in December 2021. After the formation of that high, the price started a retreat very quickly, forming a low at the $3205 level. We are again turning to the bullish side, returning first above the $3400 level.

There, we get support from the EMA200 moving average and continue further recovery. Very quickly, we climb above the $3600 level, after which we continue above $3800 with two new bullish impulses and form a new high at the $3867.2 level. We remain very high in hopes of seeing a new high form. Potential higher targets are $3900 and $3950 levels.

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Ethereum is looking towards $4000; does it have the strength to climb it?

For a bearish option, we need a negative consolidation and a pullback of the price of Ethereum to the previous consolidation at the $3750 level. New pressure on that level could cause us to slide below and form a new low. This confirms the bearish scenario and pressure on the price. We will be forced to continue lower below the $3700 level.

After that, we are again looking at the lower support zone around the $36000 level. We are testing this morning’s support zone there, and if it doesn’t hold, Ethereum’s price will be in big trouble getting back to the bullish side. Potential lower targets are the $3500 and $3400 levels. Possible additional support is the EMA200 in the zone around $3450.

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