Ethereum is still under pressure from the EMA 200 today
The price of Ethereum continues to move sideways today
Ethereum chart analysis
The price of Ethereum continues to move sideways today. This morning, we saw a bullish attempt that was stopped at the $2470 level. We had additional pressure in that zone in the EMA 200 moving average. The price failed to hold above, which had the effect of triggering a pullback to the $2430 level.
As Ethereum falls below the daily open price, it confirms the presence of bearish pressure. The next step is to observe a further pullback and a visit to this week’s support zone at $2400. This would mark our third test of that zone, and there’s a possibility of a breakout below and a drop to a new weekly low. Potential lower targets are $2380 and $2360 levels. Last week’s low price was at $2308 level.
As long as we are below the EMA 200 moving average, the price will be on the bearish side
By moving above the $2440 level, Ethereum climbs above the weekly open level. This could give momentum to the price to take a step above the EMA 200 and climb to a new daily high. With the formation of a new high at the $2480 level, we get confirmation of the strengthening of the bullish momentum. The EMA 200 is now on the bullish side, which strengthens the optimism for a further continuation to a new high.
Potential higher targets are $2500 and $2520 weekly high. The $2500 level holds significant importance for all Ethereum holders and potential buyers. It marks a crucial psychological level that, if breached, could continue the October bullish trend, with the main target set at the September high of $2728.
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