Ethereum is pulling back again after yesterday’s failure

• Yesterday’s Ethereum price recovery was halted at the significant resistance level of $2596

Ethereum chart analysis

Yesterday’s Ethereum price recovery was halted at the significant resistance level of $2596. Following this, we observed a brief period of sideways consolidation, which then led to a bearish impulse towards the $2520 level, a key support level. The price is currently fluctuating within the $2505-$2540 range. The market is relatively stable, awaiting a significant price movement to determine the future trend.

With Ethereum’s price surpassing $2540 and gaining support from the EMA 50 moving average, the potential for a substantial recovery over an extended period becomes more promising. This could lead to higher targets such as the $2650 and $2700 levels. A return to $2700 would bring us closer to the weekly open price around the $2750 level.

The price is trying to start a new bullish consolidation this morning, does it have the strength to succeed?

Above this, Ethereum would be in a robust bullish momentum, potentially breaking last week’s high and reaching a new four-week high. For a bearish option, Ethereum would have to move back down below this morning’s $2500 support level. By going below, we go to a new daily low and confirm the current bearish pressure on the price to continue with the withdrawal to the bearish side. After that, the important level is $2460 because there was previous lower support from Wednesday.

The impossibility of the Ethereum price staying there will influence the strengthening of the bearish momentum, and the price will start further falling to a new lower low. Potential lower targets are the $2350 and $2300 levels. This week’s low price was at the $2395 level.

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