Ethereum price drops below $3200 and EMA200 moving average

Ethereum chart analysis

Over the weekend we saw a bullish consolidation of Ethereum price from $3069 to $3355 level. On Sunday, the price formed a new high, after which we stopped there and initiated a pullback. Soon, the first bearish impulse was seen and a drop below the $3300 level, and by the end of the day, the price retreated to the $3260 level.

This morning, the further pullback immediately continued and we quickly descended to the $3200 level. That’s where we came across the EMA200, and we were hoping for its support and stopping this morning’s bearish consolidation.

That didn’t happen this time, and we saw a breakout below and a drop to a new low at the $3155 level. We are holding above that level for now, but we remain under pressure from the $200 EMA, which is at the $3195 level.

Will the current pressure push Ethereum further down?

This could lead to another bearish consolidation and a drop to a new weekly low. Potential lower targets are $3150, $3125 and $3100 levels. Falling to $3100, we are back in last week’s support zone. Below that, we will be able to visit the $3000 level.

We need a positive consolidation and a return above the EMA200 and the $3200 level for a bullish option. This gives us the support of the moving average, and after that, we must try to stay above that level if we plan to start further growth and recovery. Potential higher targets are the $3225 and $3250 levels. We move to the positive side by returning above $3265 because we climb above the weekly open price.

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