Ethereum Price Analysis: ETH Back Above $4000 After Strong Start To Current Session 

Daily Ethereum ETH Price Forecast

Last Updated December 22nd 2021
4 Min Read
  • The Ethereum price climbed back above $4000 during the current session, with ETH currently up by over 2%. 
  • ETH has had a fairly positive start to the week and registered a marginal increase on Monday. 

The Ethereum price has started the ongoing session on a bullish note, as buyers pushed the price above $4000. ETH had dropped to $3879 going into the weekend but had recovered on Saturday, registering an increase of over 2% and settling at $3962. Sunday saw the price drop, as ETH fell by 0.95% to end the weekend on a bearish note. However, the price was back in the green on Monday, rising by 0.49%, before pushing above $4000 during the ongoing session. 

Ethereum Price Chart Indicates ETH Looking To Consolidate Above $4000 

The Ethereum price got off to a bullish start to the previous weekend, as it registered an increase of almost 5% on Saturday. The price continued to increase on Sunday, rising to $4134 after registering an increase of 1.13%. However, ETH fell back in the red on Monday as the price dropped by over 8% and settled at $3783. Despite the bearish start to the week, ETH was back in the green on Tuesday, rising by over 2% and settling at $3861. Wednesday saw ETH push above $4000, as the price increased by over 4% and settled at $4022.

Image: ETH/USD daily

ETH/USD daily chart 122221

After pushing above $4000 on Wednesday, the Ethereum price fell back in the red on Thursday, dropping by 1.56% and settling at $3959. The price continued to drop on Friday, falling by 2.02% and settling at $3879. ETH recovered over the weekend, as it rose by 2.15% on Saturday but fell back into the red on Sunday, dropping by 0.95% and settling at $3925. The price recovered on Monday, starting the week on a positive note and rising by 0.49%, before pushing above $4000 during the ongoing session.

We can see that the Parabolic SAR has just flipped to bullish, indicating that we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $4185. At this price level, over 1.3 million addresses have sold more than 12 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 122221

The 4-hour Ethereum price chart shows us that ETH had pushed above the 20-bar SMA on the 15th, rising to $3969. The price continued to push higher from this level, rising above the 50-bar SMA and settling at $4085. However, the price fell from this level, dropping below the 50 and 20-bar SMAs and settling at $3834 on the 17th. ETH gradually pushed back up from this level and moved above the 20 and 50-bar SMAs, rising to $3990. However, the price could not sustain itself from this level and slipped back below the two SMAs, dropping to $3799 on the 20th, before surging back above the 20 and 50-bar SMAs and settling at its current level of $4022.

We can see that the Parabolic SAR and MACD had both flipped to bullish, indicating that the price could push higher.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 122221

Terra Is Now The Second-Biggest DeFi Platform

Terra recently became the second-biggest smart contract platform by total value locked, per Defi Llama. By reaching $16.6 billion, it surpassed Binance Smart Chain. Terra’s TVL grew over 19.46% over 24 hours, racing ahead of competitors.  

Anchor, a savings protocol that allows receiving low-volatile yields by depositing the UST algorithmic stablecoin, is the most popular protocol on the Terra network, with $7.14 billion worth of value locked.     

Liquid staking protocol Lido and DEX Terraswap came in second and third places, respectively. Automatic market-making Astroport is also a billion-dollar protocol. Solana and Avalanche, two other popular smart contracts platforms, are lagging behind Terra and Binance Smart Chain with $11.92b and $11.84b in TVL, respectively.

While the broader cryptocurrency market is in the doldrums, LUNA, the native token of the Terra network, has soared 22% over the past week. With a market cap of over $27 billion, it remains the 9th biggest cryptocurrency by market capitalization. 

Avalanche (AVAX) comes in a close 10th place. However, Decred (DCR), the native token of the hybrid blockchain of the same name, is currently stealing the show with a sudden 52.73% price spike that allowed it to re-enter the CoinMarketCap top 100.

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has pushed up considerably during the ongoing session. As things stand, ETH could settle above $4000, pushing to around $4050-$4100 by the end of the session.