Ethereum price stopped the bullish trend this morning

Ethereum chart analysis

The price of Ethereum climbed to a new weekly high this morning at the $2397 level. Shortly thereafter, we saw the initiation of a bearish consolidation to the $2320 support level. With this move, we are testing yesterday’s support zone. The price has fallen below the EMA 50 moving average, which further strengthens the bearish pressure. The $2340 level is an important point because if we stay below it, the pullback to the bearish side will follow.

Potential lower targets are $2300 and $2280 levels. This week’s Ethereum low price is at $2272. Since Friday, we have been in a growing consolidation, and by falling to a new weekly low, we will see a breakthrough of this formation. For a bullish option, we need a slight rise above the EMA 50 moving average and the $2340 level.

Today’s bearish picture could continue if we do not get back above the EMA 50

The new support for Ethereum’s price should positively affect its further advance to the bullish side. The impulse above the $2365 level gives the price new support in the EMA 200 moving average to continue on the bullish side. After that, we can hope for a test of this week’s high and a move to a new one. Potential higher targets are the $2420 and $2440 levels.

Ethereum rose 1% on Tuesday, while ETH-linked ETFs continue to fare poorly with another day of outflows. Weak fund flows into ETH ETFs may be due to their historically weak performance in the third quarter. ETH reserves are also rising after a slow price rise. Flows were dominated by outflows of $22.6 million from Grayscale’s ETHE, bringing total asset losses since the launch of ETH ETFs to $2.69 billion.