- The Ethereum price has pushed up marginally during the ongoing session, as it looks to move back above $4000
- ETH had dropped on Thursday, falling by 1.56% and slipping below the $4000 level.
The Ethereum price registered a marginal increase, as buyers looked to push the price back above $4000 during the current session. ETH had dropped significantly on Monday, as it fell by over 8% and settled at $3783. The price recovered on Tuesday, rising by over 2% and settling at $3862. Wednesday saw the price push on to $4012 after registering an increase of over 4% but then fell back to $3958 on Thursday.
Ethereum Price Chart Indicates ETH Could Push To $4000
The Ethereum price started the previous week on a bullish note, pushing above the 20-day SMA and settling at $4356 on Monday. ETH could not get past the 50-day SMA and dropped to $4310 on Tuesday before pushing back above the 50-day SMA and settling at $4441. However, after reaching this level, the price turned bearish and dropped significantly on Thursday, dropping below the 20 and 50-day SMAs and dropping to $4108. Friday saw ETH continue to drop, as it fell by just over 5% and settled at $3902.
Image: ETH/USD daily
After dropping to $3902 on Friday, the Ethereum price made a strong recovery on Saturday, rising by almost 5% and moving to $4088. On Sunday, the price continued to push higher, rising by 1.12% and settling at $4133. However, the price fell back on Monday, as it dropped by over 8% and settled at $3783. Tuesday saw ETH recover, as it rose by 2.08% before another increase on Wednesday saw ETH rise to $4021. However, the price fell back again on Thursday, dropping to $3958, before pushing up during the current session.
We can see that the Parabolic SAR is currently bearish, but if the price 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 $4155. At this price level, over 1.6 million addresses have sold more than 10 million ETH.
Looking at the 4-hour Ethereum price chart, we can see that ETH had pushed up to $4141 on the 12th, rising above the 20-bar SMA. However, with the 50-bar SMA acting as resistance, ETH fell back from this level, falling back below the 20-bar SMA and settling at $3766. ETH pushed up from this level, rising to $3865 on the 15th, but fell to $3660 after failing to move past the 20-bar SMA. The price surged from this level, rising above the 20-bar SMA, moving to $3970, before pushing above the 50-bar SMA and settling at $4072. However, ETH could not stay at this level and slipped back below the 50-bar SMA to its current level of $3981.
We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price push higher.
Image: ETH/USD 4-hour
Microsoft Chief Calls Ethereum The New “Appstore”
The Director of Digital Transformation at Microsoft, Yorke Rhodes, predicted that Ethereum would become the new app store by 2023. He argued that ETH has low fees while Apple’s AppStore has revenue sharing.
Rhodes thinks Ethereum will scale in the next two years, presumably through zk techs or the plasma-like rollups. The executive added that there is “no commerce lockin to Apple, no single point of control by one large corporate, and eth is distributed, decentralized, single sign in across apps with it also having payments, identity, & commerce in one.”
Rhodes' prediction appears to become a bit mainstream in the top echelons of Silicon Valley because of the metaverse. Many current web2 titans have pointed out that if they were building web2 now, they would incorporate crypto in their stack.
Many thus expect the new wave, the metaverse or web3, to have crypto somewhere in it. Ben Thompson, a former Microsoft employee, said:
“This is the type of role blockchains will fill: provide uniqueness and portability where necessary, in a way that makes it possible to not just live your life entirely online, but as many lives simultaneously as your might wish, locked in nowhere.”
In related news, billionaire investor Mark Cuban recently said that he likes Ethereum and expects new exciting apps to be built on its blockchain in 2022.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has recovered during the current session. If the current sentiment persists, we can expect the price to push to $4000.