- The Ethereum price is down during the ongoing session, with ETH currently down by over 1%.
- ETH had been fairly bullish in recent sessions and had pushed up to $3242 on Wednesday.
The Ethereum price fell back during the ongoing session, as sellers pushed ETH below the $3200 level. ETH had started the week on a fairly positive note, rising by nearly 3% on Monday and settling at $3141. However, the price fell back on Tuesday, registering a marginal drop of 0.65%. ETH could recover on Wednesday, as the price pushed above the 50-day SMA before dropping back during the current session.
Ethereum Price Chart Indicates ETH Could Drop Towards $3150
The Ethereum price started the previous week on a fairly positive note, rising by over 3% on Monday. ETH continued to push higher on Tuesday, rising by nearly 4% and pushing up to $2789. At this level, the 20-day SMA was acting as resistance, and ETH fell back, dropping by 3.91% on Wednesday and falling to $2680. ETH recovered on Thursday, registering a marginal recovery and then surging by over 11% on Friday, pushing above the 20-day SMA and rising to $2996.
Image: ETH/USD daily
The Ethereum price remained in the green over the weekend, pushing up by 0.62% on Saturday and then rising by 1.40% on Sunday to end the weekend at $3057. Monday saw the bullish sentiment persist, as LINK rose by nearly 3%, rising to $3141, before registering a marginal drop on Tuesday and falling to $3121. ETH recovered on Wednesday, rising by nearly 4%, pushing above the 50-day SMA and rising to $3242, before dropping back during the ongoing session.
We can see that the MACD is bullish, but if ETH continues to drop, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2751. At this price level, over 774,000 addresses have bought more than 9.7 million ETH.
The 4-hour Ethereum price chart shows us that ETH had dropped to $2600 on the 4th. With the 50-bar SMA acting as support at this level, the price recovered, surging past the 20-bar SMA and rising to $2805. ETH continued to push higher from this level, pushing past the 200-bar SMA and rising to $3054. ETH registered a marginal drop from this point, falling to $2993 on the 6th, before recovering and rising to $3178. The price fell back from this level, dropping to $3074, where the 20-bar SMA acted as support. As a result, ETH recovered, pushing up to $3244, before dropping to its current level of $3195.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop further.
Image: ETH/USD 4-hour
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we see that ETH had been extremely bullish in recent sessions but dropped off during the current session. If the current sentiment persists, we could see ETH slip below the 50-day SMA and drop towards $3150. However, if the price recovers, we could see ETH push back above $3200.