- The Ethereum price is back in the green during the ongoing session, as buyers pushed ETH back above $2500.
- ETH has been relatively bearish during recent sessions and had dropped by over 4% on Sunday.
The Ethereum price recovered during the ongoing session, as buyers pushed ETH back above the $2500 level. ETH had registered a sharp drop on Friday, dropping by over 7% and falling to $2623. The price recovered over the weekend, rising by 1.65% on Saturday before dropping back on Sunday, falling by 4.32%, and settling at $2551. Monday saw ETH continue to drop, slipping below the $2500 level to $2493 before recovering during the ongoing session.
Ethereum Price Chart Indicates ETH Could Consolidate Above $2500
The Ethereum price started the previous weekend on a hugely bullish note, rising by nearly 7% and moving to $2769. The price continued to push higher over the weekend, registering a marginal recovery before dropping back on Sunday, ending the weekend down by nearly 6% at $2617. Despite the bearish sentiment, ETH registered a strong recovery on Monday, surging by nearly 12%, pushing above the 20 and 50-day SMAs and rising to $2922, and then rising to $2977 on Tuesday. However, the price fell back after reaching this level, dropping by 0.94% and falling to $2949 on Wednesday.
ETH/USD daily chart. Source: TradingView
The Ethereum price continued to drop on Thursday, falling by nearly 4% and settling at $2834, slipping below the 50-day SMA. On Friday, the price continued to drop, falling over 7% and settling at $2623 after dropping below the 20-day SMA. Despite the bearish sentiment, ETH managed to recover on Saturday, pushing up by 1.65% before dropping back on Sunday, falling by 4.32%, and ending the weekend at $2551. Monday saw ETH remain in the red as it slipped below $2500 before recovering during the ongoing session.
We can see that the MACD is bearish, indicating a price drop. However, if ETH can push higher, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2256. At this price level, over 441,000 addresses have bought more than 10.5 million ETH. ETH also faces strong resistance at $2779, where over 711,000 addresses have sold more than 9.9 million ETH.
ETH/USD volume chart. Source: IntoTheBlock
Looking at the 4-hour Ethereum price chart, we can see that ETH had pushed up to $3017 on the 2nd. The price turned bearish after reaching this level and dropped to $2897. ETH remained bearish after dropping to this price, slipping below the 20 and 200-bar SMAs and falling to $2828. ETH continued to drop after falling to $2828, slipping below the 50-bar SMA and dropping to $2616 on the 4th. ETH registered a marginal recovery from this level, rising to $2671. However, the price fell back after reaching this level, as it fell to $2521 on the 7th before rising to $2618. The 20-bar SMA was acting as resistance at this level, and the price fell back significantly, dropping to $2460 before recovering and moving to its current level of $2522.
We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop further.
ETH/USD 4-hour chart. Source: TradingView
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has been extremely bearish during recent sessions. However, ETH has managed to recover during the current session, although sellers have forced the price down considerably from its intra-day high. If buyers can push the price higher, ETH could move towards $2600. However, if bearish sentiment drives ETH further down, it could slip below $2500.