Ethereum strengthens with bearish momentum to the 200 EMA

• The price of Ethereum formed a new weekly low at the $2613 level on Tuesday, October 22

Ethereum chart analysis

The price of Ethereum formed a new weekly low at the $2613 level on Tuesday, October 22. After its formation, we quickly moved back above $2620 and the EMA 200 moving average. A mild bullish consolidation pushed Ethereum to the $2650 level. Itâ€s all weak for now, and we need to get back above the $2665 daily open level. This brings us back to the positive side, and we will try to get support from the EMA 50 moving average.

If Ethereumâ€s bullish momentum continues, we could see a return above the $2700 level, signaling a significant shift. This could pave the way for a return to the weekly open level, with potential higher targets at the $2720 and $2740 levels, instilling hope in investors.

 

The price is trying to break away from the bearish momentum and start a recovery

Ethereum faces a big challenge as it enters the $2660-$2680 resistance zone. Failure to move to the bullish side will cause bearish momentum to build and trigger a pullback. Next is a return to the EMA 200 moving average and the $2620 level. This time, we need a break below and a drop to the $2600 level.

With that step, we will form a new daily low and confirm the continuation of this weekâ€s bearish trend. Potential lower targets are $2580 and $2560 levels. This weekâ€s drop in Ethereum price is around 3.50%.

 

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