Ethereum Price Prediction: ETH Continues Bullish Run, Set To Push Past $3100 

Daily Ethereum ETH Technical Analysis

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Last Updated February 8th 2022
4 Min Read
  • The Ethereum price has started the week on a fairly positive note and is currently up by nearly 1%. 
  • ETH has been quite bullish in recent sessions and had pushed up by over 11% on Friday. 

The Ethereum price continued to push higher as buyers remained in control, pushing past $3000 over the weekend. ETH has been quite bullish and had surged by over 11% on Friday, moving to $2996. The price continued to remain in the green over the weekend, rising by 0.62% on Saturday and then rising by 1.40% on Sunday to end the weekend at $3057. The current session sees ETH at $3086, with buyers looking to push ETH to $3100. 

Ethereum Price Chart Indicates ETH Could Push To $3100 

The Ethereum price was extremely bullish over the previous weekend and had registered an increase of nearly 5% on Friday. ETH continued to push higher over the weekend, reported an increase of over 2% on Saturday, and then registered a marginal increase on Sunday to push to $2605. Monday saw ETH remain bullish, rising by 3.22% to $2688 and then pushing up by nearly 4% on Tuesday, settling at $2789. At this level, the 20-day SMA was acting as resistance, and the price fell back on Wednesday, dropping by nearly 4% to $2680.

Image: ETH/USD daily

ETH/USD daily chart 020822

After dropping by nearly 4% on Wednesday, the Ethereum price registered a marginal recovery on Thursday, rising by 0.59%. Friday saw ETH register a significant increase, rising by over 11%, pushing past the 20-day SMA, and moving to $2996. ETH remained bullish over the weekend, pushing above $3000 on Saturday and then registering an increase of 1.40% on Sunday to end the weekend at $3057. The current session sees ETH at $3080, as buyers look to push the price to $3100.

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

IntoTheBlock’s IOMAP for the Ethereum price shows us that ETH has strong support at around $2747. At this price level, over 855,000 addresses have bought more than 9.8 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 020822

Looking at the 4-hour Ethereum price chart, we can see that ETH had pushed up to $2754 on the 1st. The price continued to push higher from this level, rising to $2789 on the 2nd before falling back below the 20-bar SMA to $2664. ETH continued to drop from this level, falling to $2600, where the 50-bar SMA acted as support. As a result, ETH pushed back up, surging past the 20-bar SMA and rising to $2805. ETH continued to push higher from this level, moving past the 200-bar SMA and rising to $3054. ETH registered a marginal drop from this level before moving to its current level of $3080.

We can see that the MACD has flipped to bearish, indicating that we could see the price drop.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 020822

This Florida Home Will Become the First in the US To Be Sold as an NFT

A Tampa Bay home in Gulfport was auctioned off as the first piece of US real estate to be auctioned as an NFT. The Spanish-inspired Gulfport property started at $650,000 and was auctioned off online, hosted by Palo Alto-based real estate technology company Propy, who will mint the property rights into a digital token.

Last year, Propy sold TechCrunch founder Michael Arrington’s apartment in Kiev as an NFT, making this Florida addition development in the beginning stages of how NFTs can be used for real-world transactions.

Leslie Alessandra, the current owner of the property and founder of Tampa Bay blockchain company DeFi Unlimited, said she chose to list the home as an NFT to showcase the use of the evolving technology. In this case, the NFT would represent the digital rights to the property, similar to the physical deed. 

The NFT will serve as the legal LLC, allowing Gulfport home’s property rights and ownership documents to properly be protected. In an interview with the Tampa Bay Times, Alessandra said:

“Is this just hype or is there a real-world application? (The auction) is really to stimulate conversation.”  

According to Alessandra, once minted, the property rights for the Gulfport home will also have a mural from a local artist attached to it, which will serve as an additional NFT.

Artist Derek Donnelly, known as Saint Pete, will create an indoor mural on one of the property’s exposed brick walls as part of the auction, lending favour to Tampa Bay one day immortalizing street art similar to his.

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has been extremely bullish over the past few sessions. If the current sentiment persists, we could see ETH push to $3100. However, if sellers manage to push the price down, ETH could drop to $3000.