Ethereum chart analysisThe price of Ethereum only managed to reach the weekly open level today. The weak momentum and the inability to move above it led to the initiation of a bearish consolidation again below the $2600 level. Strong bearish impulses pushed the price down to the $2414 level tonight. For now, we are holding above and recovering to the $2456 level.Despite the current short recovery, there’s potential for a bullish scenario. A minimum impulse above $2500 could alleviate some of the bearish pressure. With the formation of a new bottom, we could see a bullish consolidation of the Ethereum price. Potential higher targets are $2525 and $2550 levels. The EMA 200 moving average is up in the $2600 zone, and there, we can expect significant resistance. 
The price made a big pullback today after falling below the $2600 levelOn the other hand, a bearish option is also possible. Ethereum could continue further, pulling down to the $2425 level. A descent into that level would increase bearish pressure, potentially leading to a further pullback to a new weekly low. Potential lower targets are $2400 and $2375 levels. The previous low was from September 18 at $2278. Today’s price drop was 7.39%, while since the beginning of the week it is 9.28%.The entire cryptocurrency market saw a decline on October 1, influenced by several factors. Geopolitical tensions in the Middle East increased, leading to liquidations of long positions and a sell-off in the stock market. These events have contributed to the decline in cryptocurrency prices.More By This Author:Bitcoin and Ethereum: Bitcoin increasingly safe above $65000Dogecoin And Shiba Inu: Daily Targets And Prices Bitcoin Price Continues Its Bullish Rally On Wednesday
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