Ethereum Price Analysis: ETH Slumps Below $4600 After Bearish Weekend
Daily Ethereum ETH Price Forecast
- The Ethereum price fell into the red over the weekend, as sellers pushed the price down considerably.
- The current session has seen ETH slip below $4600, with the price down by over 2%.
The Ethereum price registered a significantly bearish weekend that saw the price slip below $4600 during the current session. ETH has taken a bearish turn since it set a new all-time high on Tuesday. ETH continued to drop on Wednesday before rising by almost 2% on Thursday and settling at $4722. The price fell back on Friday, with sellers taking complete control over the weekend, as ETH fell by 0.48% on Saturday, with the price down by over 2% during the current session.
Ethereum Price Chart Indicates ETH Could Drop Below $4500
The Ethereum price entered the previous weekend on a bearish note, as the price registered a drop of 1.26% on Friday. The price pushed up over the weekend, rising by 0.96% on Saturday and then pushing up by another 2.06% on Sunday to end the weekend at $4615. ETH started the week on an extremely bullish note, as it rose by 4.21%, settling at $4809. Tuesday saw ETH set a new all-time high, as the price rose to $4943, but sellers took over, and the price dropped to $4732. The bearish sentiment persisted on Wednesday, as sellers pushed the price further to $4633, a drop of over 2%.
Image: ETH/USD daily
After falling to $4633 on Wednesday, the Ethereum price recovered on Thursday as the price rose by 1.91%, pushing to $4722. However, this was a flash in the pan, as the price fell back on Friday, dropping to $4667. Saturday Saw the bearish sentiment continue, as ETH dropped marginally before dropping further during the current session, with the price presently at $4540. We can see the MACD has already flipped to bearish, and if the price continues to drop, we could see the Parabolic SAR flip to bearish as well.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $4332. At this price level, more than 630,000 addresses have bought over 8 million ETH.
The 4-hour Ethereum price chart shows us that ETH had pushed above the 20 and 50-bar SMAs on the 7th, surging to $4815 on the 9th. The price dropped to $4691, where the 20-bar SMA acted as support and pushed the price up to $4849. However, ETH could not stay at this level, as it dropped to $4633, slipping below the 20-bar SMA. The price recovered from this level, rising to $4776, but another fall took it down to $4573, as it slipped below the 50-bar SMA, The price rose to $4680 from this level, but with the 20-bar SMA acting as resistance, it dropped to its current level of $4544. We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further.
Image: ETH/USD 4-hour
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has taken a bearish turn over the weekend. If the current sentiment continues, then we could see ETH slip below $4500.