- The Ethereum price slipped below $4200 as markets crashed over the weekend.
- ETH has been extremely bearish and had registered a drop of over 6% on Friday.
The Ethereum price fell drastically over the weekend as sellers overwhelmed the market. ETH had dropped marginally on Wednesday before dropping by 1.48% on Thursday. Friday saw a significant drop as the price fell to $4222 after dropping below the 20 and 50-day SMAs. The bearish sentiment continued on Saturday, with ETH registering a drop of 2.30% and settling at $4125. The current session sees the price marginally up as buyers and sellers struggle to control the session.
Ethereum Price Chart Indicates Buyers And Sellers Struggling For Control
The Ethereum price had registered a significant drop on Friday (26th), dropping by over 10% to $4052, slipping below the 20 and 50-day SMAs. The price recovered over the weekend, pushing up by 1.15% on Saturday and then by almost 5% on Sunday to move above the 50-day SMA and settle at $4298. ETH continued to push up on Monday, moving above the 20-day SMA and settling at $4449, with Tuesday seeing another significant increase of over 4%m, with the price settling at $4635. However, after reaching this level, the price turned bearish, as sellers pushed the price down by 1.07% on Wednesday.
Image: ETH/USD daily
After dropping marginally on Wednesday, the Ethereum price fell further on Thursday, dropping by 1.48%. Friday saw ETH register a significant fall, as it dropped by 6.54%, slipping below the 20 and 50-day SMAs and settling at $4222. ETH failed to recover on Saturday, as sellers managed to retain control and drop the price down by over 2%, pushing it below $4200 to $4125. The current session sees buyers and sellers struggling to retain control.
We can see that the Parabolic SAR has flipped to bearish, indicating that the price could fall further.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces significant resistance at around $4427. At this price level, over 618,000 addresses have sold more than 8.8 million ETH.
Image: IntoTheBlock
The 4-hour Ethereum price chart shows us that ETH had pushed above the 20 and 50-bar SMAs on the 29th, pushing to $4298. ETH continued to rise from this level, moved past the 200-bar SMA on the 30th, and pushed up to $4768. However, ETH could not stay at this level and dropped to $4489, falling below the 20-bar SMA. With the 200-bar SMA acting as support, ETH maintained this level for the subsequent sessions before registering a sharp fall on the 3rd, dropping below the 200 and 50-bar SMAs and falling to $3784. ETH rose to $4207 from this level before dropping off to its current level of $4155.
We can see that the Parabolic SAR has flipped to bullish, indicating that we could see the price recover.
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 been extremely bearish over the past few sessions, with the weekend seeing a significant drop. However, the current session has seen signs of recovery. If buyers retain control, we could see ETH push to $4200.