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Ethereum Consolidates for New Targets and Prices Wednesday

by October 16, 2024
October 16, 2024
Ethereum Consolidates for New Targets and Prices Wednesday

Ethereum Consolidates for New Targets and Prices Wednesday

The price of Ethereum yesterday had a strong bullish impulse to a new weekly high at the $2686 level

Ethereum chart analysis

The price of Ethereum yesterday had a strong bullish impulse to a new weekly high at the $2686 level. The price fell with a strong bearish impulse back to the $2540 support level in the next hour. We managed to consolidate at $2565 and get support from the EMA 50 moving average there. After that, Ethereum started a bullish consolidation that was above the $2600 level.

This caused the price to rise to $2,630 this morning, forming a daily high there. We have a new resistance at that level and are starting a mild bearish consolidation up to $2600. The EMA 50 moving average is waiting for us in the zone of $2585, and we could test it if the pullback continues. If that is not enough support, Ethereum will have to break below and form a new daily low.

 

The price stops this morning at the $2630 level, where it loses its bullish momentum

Potential lower targets are $2575 and $2550 levels. The EMA 200 moving average is waiting for us in the $2525 zone as additional support for staying on the bullish side. For a bullish option, Ethereum would have first to break above today’s resistance level. If it succeeds in that intention, the price will form a new daily high and thus confirm that it has the strength to start a recovery.

After that, the chances of starting a bullish consolidation and a jump above $2650 increase. That should be enough momentum to attack the previous high and try to reach the $2700 level. Potential higher targets are $2725 and $2750 levels.

 

The post Ethereum Consolidates for New Targets and Prices Wednesday appeared first on FinanceBrokerage.

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