- The Ethereum price failed to stay above $2500 on Wednesday, managing to register only a marginal increase of 0.18%.
- The current session sees ETH back in the red, with the price currently down by almost 1%.
The Ethereum price slipped back below $2500 and dropped back into the red during the ongoing session, as sellers look to drive the price further down. ETH had started the week on a fairly bearish note, registering a drop of nearly 4% and settling at $2442. However, ETH was able to recover on Tuesday, rising by 0.71% and then reporting a marginal increase of 0.18% on Wednesday to settle at $2464. The current session sees ETH just below $2450, with sellers in control.
Ethereum Price Chart Indicates ETH Could Drop To $2400
The Ethereum price was extremely bearish during the previous week and had started with a drop of over 4% on Monday, falling to $3212. On Tuesday, the price continued to drop as ETH fell to $3161 after falling by 1.60%. ETH remained in the red on Wednesday and Thursday, falling by 2.39% and 2.65%, respectively. Friday saw ETH register a significant drop, as ETH fell by over 14% and settled at $2569, before dropping further on Saturday and settling at $2413.
Image: ETH/USD daily
After dropping by over 6% on Saturday, the Ethereum price registered a fairly strong recovery on Sunday, rising by 5.34% and moving to $2541. However, Monday saw ETH back in the red, dropping by nearly 4% and settling at $2442. ETH managed to register a marginal recovery on Tuesday, rising by 0.71%, and then rose by 0.18% on Wednesday to settle at $2464. The current session sees ADA down by almost 1%, as sellers look to push the price down to $2400.
We can see that the MACD is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2264. At this price level, over 365,000 addresses have bought more than 9.7 million ETH.
Image: IntoTheBlock
The 4-hour Ethereum price chart shows us that ETH had pushed up to $3261 on the 20th. The 50-bar SMA was acting as resistance at this level, and the price fell back, dropping below the 20-bar SMA and settling at $2836. ETH continued to drop from this level, falling to $2337 on the 22nd. ETH was able to register a fairly strong recovery from this point, rising to $2541 on the 25th, before dropping back and falling to $2238. ETH pushed back up from this level, rising to $2442, before pushing above the 20-bar SMA and rising to $2607 on the 26th. However, ETH turned bearish after reaching this level and fell back below the 20-bar SMA to $2367 before moving to its current level of $2435.
We can see that the MACD and Parabolic SAR are bullish, but if ETH cannot move past the 20-bar SMA and drop further, we could see them flip to bearish.
Image: ETH/USD 4-hour
Ethereum Price Is Expected To Reach These Levels
The Ethereum price chart shows us that ETH has fallen back during the ongoing session. If sellers retain control, we could see ETH drop to $2400. However, if the price is able to recover, we could see ETH push back above $2500.