- The Ethereum price is down by almost 2% during the ongoing session.
- ETH had made a fairly strong start to the week and had pushed up by almost 9% on Tuesday.
The Ethereum price continued to drop during the current session as it slipped below the $3100 level. ETH had made a fairly positive start to the week, rising by over 2% on Monday. Tuesday saw ETH continue to push higher, rising by almost 9%, pushing above the 50-day SMA and moving to $3185. However, the price fell back on Wednesday, dropping by nearly 2% and then slipping below the $3100 level during the ongoing session.
Ethereum Price Chart Indicates Sellers Looking To Push ETH To $3100
The Ethereum price started the previous week on a positive note, rising by almost 3% on Monday and moving to $3141. However, the price fell back on Tuesday by 0.66% and dropped to $3121. ETH made a strong recovery on Wednesday, rising by over 4% and moving past the 50-day SMA, before dropping back on Thursday, falling below the 50-day SMA and dropping to $3086. Friday saw ETH remain in the red, as it fell by 4.09% and dropped to $2959.
Image: ETH/USD daily
The weekend saw the Ethereum price remain bearish, as it registered a marginal drop on Saturday before dropping by almost 3% on Sunday to end the weekend at $2872. At this level, the 20-day SMA came into play as support, and ETH could recover on Monday, rising by 2.04%. Tuesday saw ETH surge by nearly 9%, as it pushed past the 50-day SMA and moved to $3185. However, ETH fell back on Wednesday, dropping by 1.97%, before slipping below the $3100 level during the ongoing session.
We can see that the MACD is bullish, but if ETH continues to drop, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2673. At this price level, over 688,000 addresses have bought more than 8.7 million ETH.
More On Ethereum: Ethereum (ETH) Price Prediction
The 4-hour Ethereum price chart shows us that ETH had pushed up to $3250 on the 10th. The price fell back from this level, dropping below the 20-bar SMA and falling to $3086. ETH registered a marginal recovery from this level before dropping drastically, going below the 50-bar SMA and falling to $2959. ETH continued to drop from this level, falling to $2916, where the 200-bar SMA acted as support. As a result, ETH was able to stay at this level for the next few sessions before dropping below the 200-bar SMA on the 13th, dropping to $2858. ETH made a strong recovery from this level, rising above the 200 and 20-bar SMAs and moving to $3027. ETH continued to push higher from this level, pushing above the 50-bar SMA and moving to $3185 on the 16th. However, the price turned bearish after reaching this level and fell back to its current level of $3095.
We can see that the Parabolic SAR and MACD are bullish, indicating that we could see the price push higher.
Image: ETH/USD 4-hour
Lingerie For Your Avatar? Victoria’s Secret Prepares To Enter The Metaverse
Luxury lingerie line Victoria’s Secret recently applied with the US Patent and Trademark Office, showing its intention to enter the metaverse. This was posted by patent attorney Mike Kondoudis on Twitter this week.
In addition to NFTs, the brand will also offer “information, photos, images, videos, recorded footage, highlights, and experiences in the field of fashion, clothing, fashion accessories, and style,” the patent filing reads.
Additionally, Victoria’s Secret will offer “entertainment services, namely, providing online, non-downloaded clothing, undergarments, footwear, headwear, eyewear, bags, fashion accessories, photos, images, videos, and recorded footage for use in brutal environments and virtual fashion shows.”
The brand follows in the footsteps of other luxury fashion brands making their imprint in the metaverse. The likes of Gucci, H&M, and NIKE have all entered into the space. All of which have begun to offer merchandise in a virtual setting.
The move of brands into the metaverse follows the popularity of the NFT space. At this point, almost anything can be made into an NFT, and those in creative settings have found the most useful for this new innovation.
Just like brands like Adidas have offered NFT versions of sneakers, Victoria’s Secret is expected to offer NFT versions of its luxury wear. What’s more, the widely loved Victoria’s Secret show that had been stopped in 2019 may very well continue in the metaverse.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has dropped over the past couple of sessions, although the price has pulled itself up to $3100 during the ongoing session. If the bearish sentiment persists, we could see ETH drop to $3000. However, if the price can recover, we could see ETH push back towards $3200.