Ethereum Price Prediction: Bears Look To Push ETH Back Below $3100 

Daily Ethereum ETH Technical Analysis

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Last Updated February 17th 2022
4 Min Read
  • The Ethereum price is down by almost 2% during the ongoing session, as sellers pushed the price down. 
  • ETH had a fairly strong start to the week and had pushed up by almost 9% on Tuesday. 

The Ethereum price fell back during the ongoing session, as bears look to push the price back below $3100. ETH had ended the weekend on a bearish note, falling by nearly 3% on Sunday and falling to $2871. However, the price recovered on Monday, rising by just over 2% to $2930. ETH surged by nearly 9% on Tuesday, pushing above the 50-day SMA and rising to $3185 before dropping back during the ongoing session. 

Ethereum Price Chart Indicates ETH Could Drop To $3100 

The Ethereum price was quite bullish over the previous weekend, rising by 0.62% on Saturday and then rising by 1.40% on Sunday to end the weekend at $3057. Monday saw ETH continue to push higher, as it rose by almost 3%, moving to $3141, before dropping back marginally on Tuesday, dropping to $3121. ETH made a strong recovery on Wednesday, rising by over 4%, pushing above the 50-day SMA, and rising to $3247. On Thursday, ETH fell back in the red, dropping by nearly 5% and falling back below the 50-day SMA to $3086.

Image: ETH/USD daily

ETH/USD daily chart 021722

The Ethereum price continued to drop on Friday, falling by 4.09% and dropping to $2959. The weekend saw ETH remain bearish, registering a marginal drop on Saturday and then falling by nearly 3% on Sunday to end the weekend at $2871. At this level, the 20-day SMA acted as support, and ETH could recover on Monday, rising by 2.04%. The bullish sentiment persisted on Tuesday, as ETH surged by nearly 9%, pushing past the 50-day SMA and rising to $3185 before falling back during the ongoing session.

We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.

IntoTheBlock’s IOMAP for the Ethereum price shows us that ETH has strong support at around $2715. At this price level, over 861,000 addresses have bought more than 9 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 021722

The 4-hour Ethereum price chart shows us that ETH had pushed up to $3250 on the 9th. The price fell back from this level, dropping to $3211 and then slipping below the 20-bar SMA, falling to $3086 on the 11th. ETH was able to register a marginal recovery from this level, rising to $3113 before dropping back, slipping below the 50-bar SMA, and falling to $2959 on the 12th. The 200-bar SMA was acting as support, and ETH was able to stay at this level for the next few sessions, recording only a marginal fall. ETH fell below the 200-bar SMA on the 13th, dropping to $2858, but recovered, pushing back above the 200-bar SMA to $2937 and then surging past the 20 and 50-bar SMAs to its current level of $3120.

We can see that the MACD and Parabolic SAR are bullish, but if ETH continues to drop, we could see it flip to bearish.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 021722

McDonald’s Filed 10 Trademark Applications for the Metaverse

The iconic fast-food restaurant chain McDonald’s wants to enter the metaverse. According to trademark lawyer Josh Gerben, the company has filed ten trademark applications for the virtual space. 

"McDonald's is headed to the metaverse. The company has filed 10 (TEN!) trademark applications indicating it plans to offer "a virtual restaurant featuring actual and virtual goods" and "operating a virtual restaurant featuring home delivery."

The application, submitted on February 4, pointed to plans for a “virtual restaurant, offering real and virtual goods.” McDonald’s would also like to run a ‘virtual restaurant with home delivery.’ Additionally, the restaurant will provide ‘downloadable media files,’ such as works of art, audio files, video files, and non-fungible tokens (NFTs).

The fast-food chain would also like to include its McCafe chain in its metaverse plans. The brand would offer entertainment services such as ‘real and virtual online concerts and other virtual events.’

If these plans see the light of day, the fast-food chain will compete with other virtual concert organizers. Such concerts are becoming more and more attractive because they remove geographical barriers that prevent fans and artists from interacting. They would also reduce the cost of touring and even the risk of contracting the Covid-19 virus.

The McDonald’s trademark filing came a day after a similar application was filed by bakery and café chain Panera Bread. It intends to provide a virtual chain of restaurants and cafes known as PANERAVERSE. Like Mcdonald's, Panera Bread will offer downloadable NFT content, virtual food and drinks, and virtual meeting spaces.

Ethereum Price Is Expected To Reach These Levels

The Ethereum price chart shows us that ETH has registered a fairly significant drop during the current session. If the current sentiment persists, we could see ETH slip below the $3100 level.