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Ethereum fails to hold on to the bullish trend on Tuesday

by October 8, 2024
written by October 8, 2024

Ethereum fails to hold on to the bullish trend on Tuesday

The price of Ethereum rose above the $2500 level again on Monday

Ethereum chart analysis

The price of Ethereum rose above the $2500 level again on Monday. In two attempts, we tried to hold above, but both times, the price moved back below $2500. The second pullback was stronger, and the price dropped on Tuesday to a new weekly low at the $2403 level. We can say that we are testing the $2400 level. Ethereum finds new support there and recovers to new resistance at the $2447 level this morning.

We got additional pressure on the price in that zone in the EMA 50 moving average. Now we see another pullback to $2420. The bearish momentum is strengthening, and we expect to test this morning’s support zone at $2400. The picture looks bad for Ethereum as everything points to a further pullback to a new weekly low. Potential lower targets are $2380 and $2360 levels.

 

Monday’s pressure on the price pushes it to a new weekly low this morning

For a bullish option, Ethereum’s price would first have to return above the weekly open level of $2440. This would be the first positive move we need to get back on the bullish side. After stabilizing there, we expect to continue to $2460 and test the EMA 200 moving average. Then, it is necessary for the price to create an impulse above at least the $2480 level, which could signal a potential bullish recovery.

That could be enough room to consolidate above the EMA 200 and continue to the bullish side. Potential higher targets are $2500 and $2520 levels. Above these targets, we are going to a new weekly high, while the October one is at the $2657 level.

 

The post Ethereum fails to hold on to the bullish trend on Tuesday appeared first on FinanceBrokerage.

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