Ethereum Price Prediction: ETH Looking To Push Beyond $3500 During Current Session
Daily Ethereum ETH Technical Analysis
- Ethereum posted a strong recovery over the weekend after a bearish week
- However, ETH could not sustain the momentum and started the week in the red, falling by over 3% on Monday.
After a highly bearish end to last week, the Ethereum price recovered over the weekend, with support at the $3200 level. The price rose marginally on Saturday, pushing up by 1.79% to settle at $3266. ETH pushed up further on Sunday, rising by over 4% to end the day at $3405. However, Monday saw the price fall significantly, falling back to $3286 after falling by 3.50%. ETH has started the current session on a positive note, having already risen to $3364.
Ethereum Price Chart Shows ETH Pushing Towards 20-Day SMA
Ethereum started the previous week in the red and went on to have an extremely bearish week. ETH dropped marginally on Monday (6th), falling by just 0.60%. However, Tuesday saw ETH fall off a cliff, as it fell by 12.57% to end the day at $3434, just below the 20-day SMA. Wednesday saw the price recover, but it immediately fell back on Thursday, slipping below the 20-day SMA once again and settling at $3424. Friday saw yet another bearish session for ETH, with the price falling by over 6% to close at $3209, just above the support level of $3200.
Image: ETH/USD daily
After ending Friday in the red, the Ethereum price staged a recovery over the weekend, pushing up by 1.79% on Saturday and rising further by 4.29% on Sunday to settle at $3405. However, ETH could not sustain the momentum, and Monday saw ETH back in the red, falling by 3.50% to settle at $3286. The current session has seen bulls control the market, pushing ETH towards the 20-day SMA. Looking at the MACD and the Parabolic SAR, we can see that both are currently bearish. However, if ETH can push towards the 20-day SMA, we could see both flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see strong resistance at around $3487, where over 371,000 addresses have sold over 8.5 million ETH. We can also see that ETH has support at around $3299, at which level over 1.2 million addresses have sold nearly 4 million ETH.
Looking at the 4-hour Ethereum price chart, we can see that the 200-bar SMA was acting as resistance after ETH slipped below it on 11th September, when the price fell to $3209. The price recovered from this level, pushing to $3311, but couldn’t get past this level, and again pushed back to $3266. ETH did push past both the 20-bar SMA and the 200-bar SMA, when its price rose by 3.48%, rising to $3437, but fell back almost immediately, being pushed down to $3205, thanks to the bearish cross between the 200-bar SMA and the 20-bar SMA. The price did recover in the subsequent session, with ETH pushing back above both the 20-bar SMA and the 200-bar SMA. ETH is currently at around $3363, with both the MACD and the Parabolic SAR bullish, indicating that we could see the price rise during the current session.
Image: ETH/USD 4-hour
Ethereum Layer-2 TVL Cross $3 Billion
About 1% of Ether’s total supply has already moved to newly launched second layers with Arbitrum beginning to dominate. Some $3 billion is now locked in 17 tracked second-layer projects.
Arbitrum has by far the most assets, with it seeing a jump of more than 3,000% in the past two days after it opened itself to the public.
Optimism is still limited to a whitelist while the dYdX solution is limited to the platform itself rather than a generalized second layer EVM. Arbitrum is currently the only such EVM open to the public, and thus projects are already launching there, with meme token Nyan attracting some $1.4 billion in assets.
However, the token value plunged significantly from $8 to 50 cents due to its highly inflationary distribution, with people waking up to say they lost everything. That is still better than Carbon, a token that does not quite appear to have a purpose for now. Still, it attracted some $400 million in assets while its token dropped from $40 to $0.01 as its pools gave an APY of 50,000%.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has recovered strongly during the current session and could push all the way to the 20-day SMA if it can maintain the bullish sentiment. However, if sellers retake the market, then we could see the price push back down to $3200.