Ethereum price continues to fall below the $3000 level

On Tuesday, the Ethereum price dropped to $2,860, forming a new weekly low there. 

Ethereum chart analysis

On Tuesday, the Ethereum price dropped to $2,860, forming a new weekly low there. However, we managed to secure support in that zone, sparking a positive consolidation. Weâ€ve now regained ground above $2900 and are making strides towards the $2920 level. At this point, weâ€re receiving support from the EMA50 moving average, which we anticipate will aid in our ongoing recovery.

By crossing above the $2930 level, weâ€re back in positive territory, as weâ€re once again above the weekly open price. This development could fuel optimism for the continuation of the bullish consolidation. Our sights are set on potential higher targets at the $2940 and $2960 levels. In the zone of the $2960 level, we encounter the EMA200 moving average. We made a previous attempt to break the EMA200 line on Monday, and while we didnâ€t succeed, itâ€s a sign of our determination.

Ethereum remains under bearish pressure below $2930

With a new attempt, the chances of that happening increase, and we continue the recovery to the bullish side. We need a negative consolidation and pullback down to the $2880 level for a bearish option. There, we test the daily open price; with a drop below we go to a new daily low and threaten this weekâ€s low.

The new pressure would affect the price of Ethereum to drop below and thus form a new weekly low. Potential lower targets are $2840 and $2820 levels. Going down, we will test the May low at the $2815 level.

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