Ethereum Price Prediction: ETH Fails To Move Past $2800, Drops Towards $2700 

Daily Ethereum ETH Technical Analysis

Last Updated February 28th 2022
4 Min Read
  • The Ethereum price is down by almost 2% during the current session, as sellers pushed the price down considerably during the current session. 
  • ETH had made a strong recovery on Friday, rising by almost 7%, moving to $2769. 

The Ethereum price hit an intraday low of $2680 during the ongoing session before pushing up to $2726, although ETH remains down by nearly 2%. ETH had registered a marginal increase on Thursday after a highly volatile session that saw significant price swings. Friday saw ETH register a significant increase, pushing up by almost 7% and moving to $2769. ETH remained in the green on Saturday, registering a marginal increase before dropping back during the ongoing session. 

Ethereum Price Chart Indicates ETH Looking To Push Back Towards $2800 

The Ethereum price went into the previous weekend on a fairly bearish note, dropping by almost 4% on Friday. The price continued to drop over the weekend, as ETH registered a marginal drop on Saturday and then dropped by over 5% on Sunday to end the weekend on a bearish note at $2621. Monday saw the bearish sentiment continue, as ETH dropped by 1.98%, falling to $2569. Despite the bearish sentiment, ETH recovered on Tuesday, as the price rose by nearly 3%, rising to $2638.

Image: ETH/USD daily

ETH/USD daily chart 022822

After rising to $2638 on Tuesday, the Ethereum price fell back on Wednesday, falling by 2.22% and dropping to $2579. ETH managed to register a marginal increase on Thursday after a highly volatile session, rising by 0.72%. Friday saw ETH rise by nearly 7%, as the price rose to $2769, and then registered a marginal increase on Saturday, moving to $2780. However, ETH fell back during the current session, with the price down by just over 1%.

We can see that the Parabolic SAR has flipped to bullish, indicating that we could see the price recover.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $2773. At this price level, over 870,000 addresses have sold more than 10.7 million ETH.

Image: IntoTheBlock

ETH/USD volume chart 022822

More On Ethereum: You Asked: What If I Invest $10 In Ethereum (ETH)?

The 4-hour Ethereum price chart shows us that ETH had dropped to $2516 on the 22nd. The price made a strong recovery from this level, rising to $2638, where the 20-bar SMA acted as resistance. The price pushed above this level, moving past the 20-bar SMA and rising to $2721 on the 23rd. However, ETH could not stay at this level and fell back significantly, dropping back below the 20-bar SMA and falling to $2369 on the 24th. ETH made a strong recovery from this level, as the price pushed back above the 20-bar SMA, rising to $2599. ETH remained bullish after racing this point, surging past the 50-bar SMA and rising to $2796 on the 26th, where the 200-bar SMA acted as resistance. As a result, ETH fell back, dropping to its current level of $2743.

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

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 022822

A Sharp Spike in Gas Fee on Ethereum; is Russia-Ukraine Conflict To be Blamed

The international community has been mobilizing resources and sending funds to various organizations supporting Ukraine’s army. A self-described “Web3 initiative” – RELI3F UKR – has been selling NFTs with the promise that all proceeds from primary sales will go towards relief efforts in Ukraine, along with some secondary sales proceeds. According to OpenSea, the floor price was about 0.053 ETH, and the trading volume was about 456 ETH recently.

However, like with many popular NFT projects, the frenzy of interest triggered an astronomical rise in gas prices. On 26 February, the median gas price shot past 1,300 gwei before dropping back down to below 100 gwei.

For its part, RELI3F appeared to pat itself on the back and tweeted:

“And we are sold out. 0.05 eth x 37 artists x 200 editions = 370 eth. Over a million dollars raised for the people of Ukraine in 30 seconds. This is the power of web3. From the bottom of our hearts, thank you.”

While impressive, many donators were disappointed by the money they lost on gas fees, claiming the funds could have gone to the Ukrainian people instead.

Crypto donations have been a popular option for those who want to financially support Ukrainian relief groups or the military. One estimate reported that more than $4 million had been sent in Bitcoin donations to the army. Critics of NFT-based fundraising have lamented the loss of donations through extravagant gas fees.

The World Wildlife Fund’s recent foray into the NFT industry with its “tokens for nature” collection minted on the Polygon blockchain also received global backlash due to environmental concerns.

Ethereum Price Is Expected To Reach These Levels

The Ethereum price chart shows us that ETH has registered a drop during the ongoing sessions, although ETH has recovered and is looking to push towards $2800. If ETH can recover, we could see the price move towards $2800, but if bearish sentiment dominates, ETH could slip below $2700.

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