Ethereum manages to recover on Tuesday with support at $2600
Last night, Ethereum’s price fell to $2576 at a new weekly low
Ethereum chart analysis
Last night, Ethereum’s price fell to $2576 at a new weekly low. After that, we quickly bounced back above $2600, but this morning, we had another pullback to yesterday’s low. We managed to stay above this and start a bullish consolidation above the $2620 level. Consolidation continued up to the $2657 weekly open level. For now, we are encountering resistance in that zone and taking a step back to $2650.
Despite the recent pullback, there’s a possibility of a short-lived bearish phase before Ethereum resumes its bullish consolidation above the weekly open level. A return to the positive side could see Ethereum recovering from yesterday’s losses and aiming for higher targets at the $2680 and $2700 levels.
The price has recovered to the weekly open level but is losing momentum to continue above
For a bearish option, we need to stay below the weekly open level. This is a crucial point that traders should be alert to. That move will increase the bearish pressure on the price of Ethereum to move back down to the 200 EMA and $2620. At that level, the price will try to hold, and we need a break below to continue on the bearish side. Potential lower targets are the $2600 and $2580 levels. Another important level is last week’s low at $2555.
Ethereum’s five-week slide has been reversed, with inflows into ETH-based products jumping to $87 million over the previous week. This jump was likely driven by expectations of loose monetary policy in the US and the resulting positive price momentum. Other major central banks announced that they could reduce interest rates and free up new investments in the crypto market.
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