- The Ethereum price fell back during the current session and is presently down by over 1%.
- The Ethereum price had been fairly bullish during the previous week and had pushed up to $4112 on Thursday.
The Ethereum price dropped during the ongoing session as sellers look to push ETH down to $4000. ETH had registered a significant increase on Thursday, pushing above the 20-day SMA and settling at $4112. However, the price fell back on Friday, dropping by 1.59% to $4047. However, with the 20-day SMA acting as support at this level, ETH pushed up over the weekend, rising to $4097 before falling back during the current session.
Ethereum Price Chart Indicates 20-Day SMA Could Act As Support.
The Ethereum price went into the previous weekend on a fairly bearish note, dropping by nearly 2% on Friday. ETH was back in the green on Saturday, as the price rose by 2.11% and settled at $3964 before falling back on Sunday and ending the weekend on a bearish note. The price pushed up on Monday, rising by 0.45% and moving to $3944. Tuesday saw the price continue to increase, rising by nearly 2% and settling at $4019, before dropping back on Wednesday and settling at $3981.
Image: ETH/USD daily
After dropping to $3981 on Wednesday, the Ethereum price made a strong recovery on Thursday, rising by over 3%, moving above the 20-day SMA and settling at $4112. However, the price fell back on Friday, dropping to $4047, but with the 20-day SMA acting as support at this level, the price recovered on Saturday, rising to $4097, before falling back during the ongoing session.
We can see that the Parabolic SAR is bullish, but if the price continues to drop, we could see it flip to bearish.
IntoTheBlock’s IOMAP for the Ethereum price shows us that ETH faces strong resistance at around $4104. At this price level, over 2.2 million addresses have sold more than 12 million ETH.
The 4-hour Ethereum price chart shows us that ETH had dropped to $3799 on the 20th. The price made a strong recovery from this level, rising above the 20 and 50-bar SMAs and settling at $4008 on the 21st. The price pushed up marginally to $4051 on the 22nd before dropping below the 20 and 50-bar SMAs and falling to $3912 on the 23rd. ETH surged from this level, moving back above the 20 and 50-bar SMAs and rising to $4135. At this level, the 200-bar SMA was acting as resistance, and ETH dropped to $4041 before rising marginally to $4097 on the 26th. The price then dropped below the 20-bar SMA and moved to its current level of $4045.
We can see that the MACD is currently bearish, indicating that the price could drop further.
Image: ETH/USD 4-hour
PwC Hong Kong Buys Land In The Sandbox
The Sandbox, a subsidiary of Animoca Brands, has announced that “PwC Hong Kong has acquired a LAND site in The Sandbox metaverse.” Animoca Brands and its various subsidiaries develop and publish a broad portfolio of blockchain games, traditional games, and other products, many of which are based on popular global brands, such as Formula 1, Disney, WWE, etc.
Animoca Brands is also a prolific investor with over 100 investments in NFT-related blockchain companies, including Sky Mavis (Axie Infinity), Dapper Labs (NBA Top Shot), OpenSea, Harmony, Bitski, and Alien Worlds.”
In August 2020, Binance Research described The Sandbox as:
“The Sandbox is a virtual world built on the Ethereum blockchain, where players can build, own, and monetize their gaming experiences… The SAND token is an ERC-20 utility token that is used for value transfers as well as staking and governance… Players can create digital assets in the form of Non-Fungible Tokens (NFTs), upload them to the marketplace, and integrate into games with Game Maker.“
The Sandbox team recently described SAND and LAND as:
“SAND is the utility token used throughout The Sandbox ecosystem as the basis for transactions and interactions. It is an ERC-20 utility token built on the Ethereum blockchain. There is a finite supply of 3,000,000,000 SAND.“
They noted that the Sandbox Metaverse comprises LANDS owned by players to create and monetize experiences. There will only ever be 166,464 LANDS available, which can be used to host games, build multiplayer experiences, create housing, or offer social experiences to the community.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH had dropped during the current session. If ETH can find support at this level thanks to the 20-day SMA, we could see ETH recover and rise to $4100. However, if sellers manage to pierce this level of support, we could see ETH drop to $4000.