Ethereum remains in bullish momentum above the $3000 level

The weekend for Ethereum started at the $2906 level and, from there, started a bullish consolidation with a new high this morning at the $3133 level.

Ethereum chart analysis

The weekend for Ethereum started at the $2906 level and, from there, started a bullish consolidation with a new high this morning at the $3133 level. We stop there and start a pullback below the $3100 level. Even this level did not manage to stop the fall, and the price slipped to $3037 and formed Monday’s low there.

Ethereum managed to stop its decline and recover to the $3065 level. We need a new bullish impulse to continue because this recovery is not enough and could turn us down again. A return to $3100 would bring the price closer to a new test of this high zone. And with new momentum, we could see a break above and the formation of a new daily high. Potential higher targets are $3150 and $3175 levels.

Eyes are now on the $3000 psychological price level

For a bearish option, the price of Ethereum would have to retest the previous low at the $3040 level. A break below would only continue the previous bearish impulse and thus confirm that the price does not have the strength to recover and that a deeper pullback will follow. Potential lower targets are $3025 and $3000 levels. The EMA200 is in the zone around $2950, and he has been supporting us since the beginning of February.

The broader estimate for this week tells us Ethereum has the potential to continue above the $3200 level. By jumping to the $3,300 level, the price would make a growth of 47.0% compared to the February low, when we were at the $2,240 level.

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