Ethereum Price Prediction: ETH Back In The Red After Surging To $2900, Stops Short Of $3000

Daily Ethereum ETH Technical Analysis

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Last Updated March 2nd 2022
3 Min Read
  • The Ethereum price is marginally down during the ongoing session, as sellers pushed the price back down below $2900
  • ETH had registered a sharp increase on Monday, rising by almost 12%. 

The Ethereum price finds itself back in the red as sellers managed to push ETH back below the $2900 level, which it had crossed on Monday. ETH had registered a substantial increase on Friday, pushing up by nearly 7% and moving to $2769, and then reporting a marginal increase on Saturday, moving to $2780. ETH fell back on Sunday despite the bullish sentiment, dropping by nearly 6% and ending the weekend at $2617. ETH made a strong recovery on Monday, rising by 11.64%, moving past the 20 and 50-day SMAs before dropping back during the current session. 

Ethereum Price Chart Indicates Buyers And Sellers Struggling To Establish Control 

The Ethereum price started the previous weekend on a bearish note, dropping by 0.54% on Saturday and then falling by over 5% on Sunday, ending the weekend at $2621. ETH continued to drop on Monday, falling by 1.98% and settling at $2569, before recovering on Tuesday, rising by 2.66% and moving to $2638. Wednesday saw ETH back in the red, falling by over 2%, moving to $2580, and then registering a marginal recovery on Thursday, rising by 0.70% after a highly volatile session.

Image: ETH/USD daily

ETH/USD daily chart 030222

The Ethereum price pushed up considerably on Friday, pushing up by nearly 7% and moving to $2769 and then registering a marginal increase on Saturday, moving to $2780. ETH fell back in the red on Saturday, falling to $2617 after a fall of nearly 6%. However, ETH was back in the green on Monday, surging by almost 12%, moving above the 20 and 50-day SMAs and rising to $2922 before dropping back during the ongoing session.

We can see that the MACD is currently bullish, indicating that we could see the price recover.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2764. At this price level, over 1 million addresses have bought nearly 12 million ETH.

Image: IntoTheBlock

ETH/USD volume chart 030222

More On Ethereum: Ethereum (ETH) Price Prediction for 2025 and 2030

Looking at the 4-hour Ethereum price chart, we can see that ETH had dropped to $2370 on the 24th. The price pushed back up from this level, pushing above the 20-bar SMA and rising to $2599. ETH continued to push higher from this level and moved past the 50-bar SMA, rising to $2796 on the 26th. At this level, the 200-bar SMA was acting as resistance, and ETH could not move past the SMA, instead registering a drastic fall on the 27th, dropping to $2608.ETH was able to make a strong recovery from this level, as the price pushed past the 50 and 20-bar SMAs on the 28th and then the 200-bar SMA, moving to its current level of $2914.

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

ETH/USD 4-hour chart 030222

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we see that ETH is marginally down during the ongoing session after surging on Monday. However, we can also see that the price has clawed back above the $2900 level, and the MACD is also bullish. If the current sentiment persists, we could see ETH recover and push towards $3000.

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