Ethereum Price Analysis: ETH Looks To Push To $3400

Daily Ethereum ETH Price Forecast

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Last Updated January 17th 2022
3 Min Read
  • The Ethereum is marginally down during the ongoing session, as buyers and sellers struggle to control the session. 
  • ETH had registered a sharp drop on Thursday, falling by nearly 4%. 

The Ethereum price is looking to push towards $3350 as buyers and sellers look to take control of the current session. ETH had registered a significant drop on Thursday, falling by nearly 4% and settling at $3241. However, the price recovered on Friday, rising to 43309 after an increase of over 2%. Saturday saw a marginal increase that saw ETH push to $3327, with the current session seeing the price marginally up. 

Ethereum Price Chart Indicates Buyers And Sellers Looking To Establish Control  

The Ethereum price was extremely bearish over the previous weekend, dropping by over 6% on Friday and then falling by almost 4% on Saturday to settle at $3081. However, ETH recovered on Sunday, rising by 2.28% and moving to $3152. The price fell back in the red on Monday, dropping by 2.16%, before recovering on Tuesday and rising to $3241 after registering an increase of over 5%. ETH continued to push up on Wednesday, rising over 4% and moving to $3373.

Image: ETH/USD daily

ETH/USD daily chart 011722

After pushing up to $3373 on Wednesday, the Ethereum price fell back, dropping by nearly 4% on Thursday and settling at $3241. The price made a recovery on Friday, rising by 2.10% and moving to $3309. The weekend saw ETH remain in the green, as the price rose by 0.54% on Saturday and then registered a marginal increase during the ongoing session.

We can see that the Parabolic SAR is currently 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 $3693. At this price level, over 986,000 addresses have sold more than 11 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 011722

Looking at the 4-hour Ethereum price chart, we can see that ETH had pushed above the 50-bar SMA on the 12th when the price rose to $3383. The price fell back from this level, falling to $3241, where the 20-bar SMA acted as support. As a result, ETH was able to register a marginal recovery before falling below the 20 and 50-bar SMAs on the 14th, dropping to $3203. ETH pushed back up from this level, pushing back above the two SMAs and rising to $3310. With the 20-bar SMA now acting as support, ADA rose to $3363 on the 15th before dropping to its current level of $3344.

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

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 011722

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has registered a marginal increase during the ongoing session. If the current sentiment persists, we could see ETH push towards $3400.