Ethereum Price Analysis: ETH Pushes Up Significantly During Ongoing Session, Moves Above $4600 

Daily Ethereum ETH Price Forecast

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Last Updated December 1st 2021
3 Min Read
  • The Ethereum price is currently up by over 3% during the ongoing session, as buyers retain control. 
  • ETH has been quite bullish since the weekend and had pushed up by almost 5% on Sunday. 

The Ethereum price significantly increased during the ongoing session, as buyers pushed the price above $4600. ETH had registered a sharp drop on Friday, as it fell to $4045, dropping by over 10%. The price recovered over the weekend as ETH rose to $4098 on Saturday. ETH rose further on Sunday, rising by almost 5%, moving above the 50-day SMA, and settled at $4298. On Monday, ETH continued to push up as the price moved above the 20-day SMA and settled at $4449. 

Ethereum Price Chart Indicates ETH Could Move Towards $4700 

The Ethereum price was quite bullish at the start of the previous weekend, as the price rose by 2.73% on Saturday. However, the price fell back on Sunday, dropping by 3.50% and settling at $4262. The price continued to drop on Monday, falling by over 4% and slipping below the 50-day SMA, before recovering on Tuesday and rising by over 6%, moving back above the 50-day SMA and settling at $4341. ETH registered a slight drop on Wednesday, as the price fell by 1.58%, before making a strong recovery on Thursday, moving above the 20-day SMA and settling at $4523.

Image: ETH/USD daily

ETH/USD daily chart 120121

After registering an increase of almost 6% on Thursday, the Ethereum price registered a significant drop on Friday, falling over 10%, slipping below the 20 and 50-day SMAs, and settling at $4045. Despite the bearish sentiment on Friday, ETH recovered over the weekend, rising by 1.31% on Saturday and almost 5% on Sunday, moving above the 50-day SMA and settling at $4298. The price pushed further on Monday, moving above the 20-day SMA and settling at $4449. The current session sees the price above $4600, as buyers look to push ETH to $4700.

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

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $4412. At this price level, over 830,000 addresses have bought more than 9 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 120121

Looking at the 4-hour Ethereum price chart, we can see that ETH had pushed up to $4524 on the 26th. However, the price turned bearish from this level, as it dropped to $3986, slipping below all three SMAs. ETH could only push up marginally from this level, rising to $4137 before dropping to $4027 on the 28th. The price pushed up from this level, as ETH pushed above the 20-bar and 50-bar SMAs to settle at $4354. The price could stay at this level for the next few sessions, thanks to the 50-bar SMA acting as support, before pushing above the 200-bar SMA on the 30th and rising to its current level of $4660.

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

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 120121

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has pushed up significantly during the ongoing session. If the current sentiment persists, we could see ETH move past $4700.