- The Ethereum price is marginally down during the ongoing session, as buyers and sellers look to establish control.
- ETH has been extremely bearish in recent sessions and had dropped below $2900 over the weekend.
The Ethereum price remained in the red on Monday, starting the new week on a bearish note, with sellers dominating the market. ETH was quite bearish over the weekend, starting with a drop of over 4% on Friday, with the price falling to $2959. Saturday saw ETH register a marginal drop and then fall by nearly 3% on Sunday to end the weekend at $2871. The current session sees ETH marginally down, at $2869.
Ethereum Price Chart Indicates ETH Could Drop Below 20-Day SMA
The Ethereum price was quite bullish over the previous weekend, rising by over 11% and pushing above the 20-day SMA on Friday. The weekend saw ETH remain bullish, as it registered an increase of 0.62% on Saturday and then pushed up by 1.40% on Sunday to end the weekend at $3057. ETH continued to push higher on Monday, rising by nearly 3% and moving to $3141, before registering a marginal drop on Tuesday and falling to $3121. However, ETH recovered on Wednesday, rising by nearly 4%, pushing above the 50-day SMA and settling at $3242.
Image: ETH/USD daily
After pushing above the 50-day SMA on Wednesday, the Ethereum price fell back on Thursday, slipping below the 50-day SMA and falling to $3086. ETH continued to drop on Friday, falling by over 4% and dropping below the $3000 level to $2959. ETH remained bearish over the weekend, registering a marginal drop on Saturday and then falling by nearly 3% on Sunday to end the weekend at $2871. The current session sees ETH marginally up as buyers and sellers look to establish control.
We can see that the Parabolic SAR has flipped to bearish, indicating that we could see the price drop.
IntoTheBlock’s IOMAP for the Ethereum price shows us that ETH has strong support at around $2743. At this price level, over 822,000 addresses have sold more than 9 million ETH.
The 4-hour Ethereum price chart shows us that ETH had pushed up to $3178 on the 8th. The price fell back from this level, dropping to $3074, where the 20-bar SMA came into play as support. As a result, ETH was able to push up from this level, rising to $3238 on the 10th. ETH fell back from this level, dropping below the 20-bar SMA and falling to $2086 before registering a marginal recovery. The price fell back from this level, slipping below the 50-bar SMA and falling to $2959, where the 200-bar SMA came into play as support. As a result, ETH was able to stay at this level for the subsequent few sessions before dropping below the 200-bar SMA and moving to its current level of $2885.
We can see that the MACD and Parabolic SAR are bullish, indicating that the price could drop further. However, if ETH is able to recover, we could see them flip to bullish.
Image: ETH/USD 4-hour
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has recovered marginally during the current session. If sellers manage to retake the session, we could see ETH drop towards $2800. However, if buyers manage to retain control, ETH could push towards $3000.