- The Ethereum price fell by over 6% on Tuesday, dropping below $4000
- ETH has registered a marginal recovery during the ongoing session, with the price moving above $3800.
The Ethereum price has moved back above $3800, as ETH looks to recoup some losses after dropping significantly on Tuesday. ETH had started the weekend on a slightly positive note, rising by 1.23%, but fell back on Sunday, dropping to $4065. The price continued to drop on Monday, falling by 0.68% and settling at $4037. Tuesday saw a substantial drop, as ETH fell below the 20-day SMA, slipping below $4000 and dropping to $3792.
Ethereum Price Chart Indicates ETH Could Push To $3850
The Ethereum price started the previous week on a fairly bullish note, rising by 0.45% on Monday. ETH continued to push up on Tuesday, rising to $4019 on Tuesday, rising by nearly 2%. However, the price fell back on Wednesday, dropping by 0.94% and slipping back below $4000 to $3981. Thursday saw ETH register a significant increase, as the price rose by over 3%, pushed above the 20-day SMA, and settled at $4112. However, ETH was back in the red on Friday, falling to $4047, where the 20-day SMA acted as support.
Image: ETH/USD daily
After dropping to $4047 on Friday, the Ethereum price pushed back up on Saturday, rising by 1.23% and moving to $4097. However, the price fell back in the red on Sunday, dropping to $4065. ETH continued to drop on Monday, falling to $4037, and then dropping by over 6% on Tuesday, falling below the 20-day SMA and $4000, settling at $3972. ETH has made a very marginal increase during the current session, and while the Parabolic SAR is bullish, the MACD has flipped to bearish.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $4099. At this price level, over 2.5 million addresses have sold more than 11.7 million ETH.
Image: IntoTheBlock
The 4-hour Ethereum price chart shows us that ETH had surged above the 20 and 50-bar SMAs on the 23rd, rising to $4135. The price fell back from this level, dropping to $4041, where the 20-bar SMA acted as support. As a result, the price pushed back to $4097 before dropping below the 20-bar SMA and dropping to $4016. The price recovered from this level, rising to $4094 and pushing above the 20-bar SMA. However, the price fell back after reaching this level, falling below the 20 and 50-bar SMAs, dropping to $3792, and then moving to its current level of $3819.
We can see that the MACD is currently bullish, indicating that the price could drop.
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 registered a marginal increase during the current session. If buyers can retain control, we could see ETH push to $3850. However, ETH could fall below $3800 again if the price drops.