Ethereum Price Prediction: ETH Bullish But Sees Climbdown From $3000 

Daily Ethereum ETH Technical Analysis

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Last Updated March 3rd 2022
3 Min Read
  • The Ethereum price is marginally up during the ongoing session, as it looks to push back above $3000.
  • ETH had started the week on a significantly bullish note, surging by over 11% on Monday and moving to $2922. 

The Ethereum price dropped back after pushing above the $3000 level, although ETH remains marginally up with buyers and sellers struggling to establish control. ETH had ended the weekend on a bearish note, dropping by nearly 6% and settling at $2617. ETH made a strong recovery on Monday, as ETH pushed up by almost 12%, moving above the 20 and 50-day SMAs and rising to $2922. ETH continued to push higher on Tuesday, rising by nearly 2% and moving to $2977. The current session saw ETH push above $3000, but the price has dropped back below the $3000 level. 

Ethereum Price Chart Indicates ETH Looking To Push Back Above $3000 

The Ethereum price started the previous week in the red as ETH dropped by 1.98% on Monday, falling to $2669. The price recovered on Tuesday, rising by 2.66% and moving to $2638 before dropping back on Wednesday, falling by 2.21% and settling at $2580. ETH was able to recover on Thursday, registering a marginal increase after a fairly volatile session. Friday saw ETH continue to push higher as buyers pushed ETH up by nearly 7%, settling at $2769.

ETH/USD daily chart 030322

ETH/USD daily chart. Source: TradingView

The weekend saw the Ethereum price register a marginal increase on Saturday, pushing up by 0.41%. However, ETH was back in the red on Sunday, dropping by nearly 6% and ending the weekend at $2617. ETH made a strong recovery on Monday, as the price surged by almost 12%, pushing above the 20 and 50-day SMAs and settling at $2922. ETH remained bullish on Tuesday, rising by nearly 2% to $2977. The current session sees ETH marginally up as buyers and sellers look to establish control.

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

Looking at IntoTheBlock’s IOMAP, we can see that ETH has strong support at around $2765. At this price level, over 1 million addresses have bought 12 million ETH.

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ETH/USD volume chart 030322

ETH/USD volume chart. Source: IntoTheBlock

Looking at the Ethereum price chart, we can see that ETH had pushed up to $2638 on the 25th, moving above the 20-bar SMA. ETH continued to push higher from this level, rising above the 50-bar SMA and moving to $2796 on the 26th. At this level, the 200-bar SMA was acting as resistance, and the price fell back, dropping to $2718 on the 27th. ETH pushed back up from this level, rising to $2822 but could not move past the 200-bar SMA and fell back significantly, dropping below the 20 and 50-bar SMAs and falling to $2608. ETH stayed at this level for the next few sessions before surging past all three SMAs, rising to $2922 on the 1st and then moving to its current level of $2981.

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

ETH/USD 4-hour chart 030322

ETH/USD 4-hour chart. Source: TradingView

Ethereum Price Is Expected To Reach These Levels

The Ethereum price chart shows that ETH is marginally up during the ongoing session, as buyers and sellers look to establish control. If buyers are able to retain the session, we could see ETH push back above $3000. However, if bearish sentiment drives the price down, ETH could drop below $2900 and find support at the 50-day SMA.

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