Ethereum Price Prediction: Can ETH Move Back To $3000?

Daily Ethereum ETH Technical Analysis

Last Updated February 24th 2022
4 Min Read
  • The Ethereum price is up by almost 4% during the ongoing session. 
  • Thanks to an already bearish market and news about the OpenSea hack, ETH had dropped significantly. 

The Ethereum price pushed above $2700 during the ongoing session, as it looks to move past $2800 with buyers controlling the markets. ETH had ended the weekend on a fairly bearish note, dropping over 5% on Sunday and falling to $2621. Monday saw ETH continue to drop, falling to $2569, before making a strong recovery on Tuesday, rising by almost 3% and moving to $2638. The current session sees ETH above $2700, as buyers look to push the price above $2800. 

Ethereum Price Chart Indicates ETH Looking To Move To $2800 

The Ethereum price started the previous week on a positive note, rising by 2.04% on Monday. Tuesday saw the bullish sentiment continue, as ETH surged by almost 9%, moving past the 50-day SMA and settling at $3185. ETH fell back on Wednesday by almost 2%, then dropped by 7.34% on Thursday, going below the 50 and 20-day SMAs and settling at $3123. Friday saw ETH remain in the red, dropping by almost 4% and settling at $2870.

Image: ETH/USD daily

ETH/USD daily chart 022422

The Ethereum price failed to recover over the weekend, registering a marginal drop on Saturday and then falling by over 5% on Sunday to end the weekend at $2621. The current week saw the bearish sentiment persist on Monday, as ETH fell to $2569, before making a strong recovery on Tuesday, rising by almost 3% and settling at $2638. The current session sees ETH at $2735, with buyers in control of the market.

The MACD and Parabolic SAR are both bearish, but if ETH can push to $2800, we could see them flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2681. At this price level, over 1 million addresses have bought more than 9.6 million ETH.

Image: IntoTheBlock

ETH/USD volume chart 022422

More On Ethereum: Is Ethereum (ETH) Worth Buying In 2022?

Looking at the 4-hour Ethereum price chart, we can see that ETH had dropped to $2893 on the 18th. After reaching this level, the price remained bearish and dropped below the 200-bar SMA, falling to $2780. After registering a marginal recovery from this point, ETH fell back again, dropping to $2723 and then dropping to $2644 on the 20th. ETH made a fairly strong recovery from this level and pushed up to $2749, where the 20-bar SMA acted as resistance. As a result, ETH fell back, dropping to $2519 on the 20th. ETH made a strong recovery from this level, pushing back above the 20-bar SMA and rising to its current level of $2732.

The Parabolic SAR and MACD are both bullish, indicating that we could see the price push higher.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 022422

Puma Registers ENS Domain, Changes Name to Puma.eth on Twitter

Puma is the latest in a growing list of major brands to purchase a decentralized URL and reveal their nonfungible token, or NFT, by changing their Twitter handle to Puma.eth. The German sportswear brand registered the domain name with the Ethereum Name Service (ENS).

Other major companies with .ETH domains include Budweiser, the subsidiary of Anheuser-Busch InBev, which bought Beer.eth through ENS on OpenSea for 30 ETH last year. And when the fast-food chain White Castle registered whitecastleofficial.eth, ENS’ former director of operations even tweeted about his excitement.

All .ETH names are NFTs that can be "easily plugged-in to the ever-expanding NFT ecosystem," as an ENS Medium post reads. Some of the benefits of an ENS name include being able to receive any cryptocurrency or blockchain-based asset and picking a decentralized website and storing profile information like an avatar, email address, or Twitter handle.

Puma's ENS name is one of several NFT-related moves that the company has made recently. According to the Puma.eth OpenSea page, Puma has invested in various feline-inspired NFT collections, including Cool Cats NFT, Lazy Lions, Gutter Cat Gang, and CatBlox.

Puma is one of the biggest global sportswear brands alongside Nike and Adidas, which have made their own entrances into the Web3 space with a big splash. Nike acquired the virtual sneakers and collectibles brand RTFKT, while Adidas Original's launched an NFT collaboration with Bored Ape Yacht Club, PUNKS Comic, and gmoney.

The Ethereum Name Service has over 724,096 ENS names created, according to Dune Analytics, with the highest number of monthly registrations occurring recently.

Ethereum Price Is Expected To Reach These Levels

The Ethereum price chart shows us that ETH has made a strong recovery during the ongoing session, reversing its recent bearish trend. If the current sentiment persists, we could see ETH push towards $2800. However, if the price drops, we could see ETH drop back below $2700.

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