Ethereum rose to the $3500 level yesterday to a new high

Yesterday, we saw the price of Ethereum at a new annual high at the $3521 level. 

Ethereum chart analysis

Yesterday, we saw the price of Ethereum at a new annual high at the $3521 level. The jump stopped there, and the price retreated below the $3480 level. By the end of the day, the withdrawal was up to the $3300 level. After that, we get support at that level, recovering to the $3350 level. We spent the morning consolidating at $3350, then with a new bullish impulse, we jumped over $3400 again.

Formiran is a new daily high at the $3438 level, and for now, we are stopping at that level. We expect a brief consolidation before continuing to the bullish side. The price could pull back and test the $3400 level. New support in that zone would form a bottom from which we would initiate a bullish consolidation. Crossing above $3438, we form a new daily high and thus confirm the bullish continuation. Potentially higher targets are $3450 and $3475 levels.

$3500 is a great price for Ethereum; the question is, can we go even higher?

A price drop below the $3350 support level would make us doubt that Ethereum has the strength for a further bullish rally. Dropping to the $3300 level could be critical because falling below it will form a two-day low. Potential lower targets are $3275 and $3250 levels.

On Wednesday, when we had an impulse above $3400, a strong bearish impulse at the $3143 level succeeded right after. So we can’t rule out another such impulse happening. Ethereum has been on a strong run since early February, and a pullback could be expected within this bullish trend.

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