Ethereum Price Analysis: ETH Finds Support At $3000, Pushes Above $3100 

Daily Ethereum ETH Price Forecast

By
Last Updated January 12th 2022
4 Min Read
  • The Ethereum price managed to stay above $3000 and pushed above $3100 during the current session. 
  • ETH had been extremely bearish during the previous week and had registered a significant drop of over 6% on Friday. 

The Ethereum price registered a recovery during the ongoing session, as buyers returned to the market and pushed ETH above $3100. ETH had registered a sharp drop on Friday, falling over 6% to $3196. The price continued to drop over the weekend, falling nearly 4% to $3081 on Saturday before registering a recovery on Sunday and rising to $3152. However, ETH fell back in the red on Monday, dropping by 2.16% to $3084, before recovering during the current session. 

Ethereum Price Chart Indicates ETH Could Push To $3150 

The Ethereum price started the previous week on a bearish note, dropping by 1.72% and settling at $3765. ETH recovered on Tuesday, registering a marginal increase of 0.52%, but fell back in the red on Wednesday, dropping by nearly 7% and falling to $3536. ETH remained in the red on Thursday as well, as the price dropped by 3.63% and settled at $3508. At this level, the 200-day SMA was acting as support.

Image: ETH/USD daily

ETH/USD daily chart 011222

After dropping to $3508 on Thursday, the Ethereum price slipped below the 200-day SMA on Friday, falling over 6% and dropping to $3196. The weekend saw ETH continue to drop, as the price fell by 3.58% on Saturday, dropping to $3081. ETH recovered on Sunday despite the bearish sentiment, rising by 2.28% and settling at $3152. However, the price was back in the red on Monday, dropping over 2% and settling at $3084, before recovering during the ongoing session.

We can see that the MACD is currently bearish, but if ETH continues to push higher, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $3544. At this price level, over 624,000 addresses have sold 1.55 million ETH. ETH also has strong support at around $3070. At this price level, over 746,000 addresses have bought more than 1.5 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 011222

Looking at the 4-hour Ethereum price chart, we can see that ETH had pushed up to $3447 on the 6th. The price fell back from this level, dropping to $3200 and then to $3132. ETH made a gradual recovery from this level, rising to $3221 on the 8th. However, ETH could not stay at this level and fell back, dropping to $3027. The price made a strong recovery from this level, rising to $3128 and then pushing up to $3205 on the 9th. However, with the 20-bar SMA acting as resistance at this level, the price fell back drastically, falling to $3007 and then rising to its current level of $3121.

We can see that the MACD is currently bullish, indicating that we could see the price push higher.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 011222

Taiwan Icon Jay Chou’s PhantaBear NFT Dethrones Bored Ape Yacht Club

A new non-fungible token (NFT) collection backed by Taiwanese superstar Jay Chou has dethroned Bored Ape Yacht Club (BAYC) on the OpenSea NFT marketplace in trading volume, reflecting the growing interest in celebrity-endorsed digital collectibles.

The PhantaBear NFT series, co-created by Jay Chou’s hipster brand PHANTACi, sold out its 10,000 algorithmically-created NFTs on January 1 within 40 minutes on its debut at 0.26 ETH (about $1,000 at the time) each, according to a company statement. 

Over the past week, the NFTs’ trading volume reached over 17,194.22 ETH ($53.6 million), a 462+% jump from the week before, according to OpenSea data. Jay Chou shared a screenshot of PhantaBear’s OpenSea ranking and said:

“When I said I am all about being no. 1, I wasn’t kidding!” 

In related news, NFTs have entered the world of US politics recently as Congressional candidates offer NFTs to help finance their campaigns in the mid-term elections. Democrat Shrina Kurani, who is running for a House seat in California, and Republican Blake Masters, who is vying for Senate in Arizona, have offered NFTs as incentives for donors. 

Kurani, who claimed to be the first to offer NFTs, said she is doing so to seek support from the younger generation the way former President Trump used MAGA to raise millions in funds. 

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has registered a fairly significant recovery during the current session. If the current sentiment persists, we could see ETH push to $3150.