The price of Ethereum retreated to $3770 level last night

The price of Ethereum retreated to $3770 level last night

The price of Ethereum is in a slight bearish consolidation after climbing to the $3974 level on Monday.

Ethereum chart analysis

The price of Ethereum is in a slight bearish consolidation after climbing to the $3974 level on Monday. We tested the first support level yesterday at $3825, which initiated the recovery to $3925. The price stopped there and formed a lower high compared to the day before.

The inability to start a further recovery turns Ethereum to the bearish side, and we begin a negative consolidation with the formation of a new weekly low at the $3770 level. After that, the price manages to stay there and start a bullish consolidation up to the $3880 level. We are now at $3865, have support at the EMA50 moving average, and are back above the weekly open price.

Does Ethereum have the strength to rise further and return above $4000?

This bullish consolidation looks slow, and for now, we are staying bullish and looking at the previous high of $3925. If we reach that level, it would mean that we are in good momentum and that we can expect further growth and recovery. Potential higher targets are $3950 and $3975 levels.

For a bearish option, we need a negative consolidation and pullback below the weekly open price. After that, we move to the downside, which reinforces the bearish momentum, and Ethereum will have to look for new support. $3800 could be a key level for determining the long-term trend. The formation of a new weekly lower low will only worsen the picture for Ethereum. Potential lower targets are $3750 and $3725 levels.

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