- The Ethereum price continued to drop during the ongoing session as sellers pushed the price down marginally.
- ETH had been fairly bullish in recent sessions and had pushed up to $3141 on Monday.
The Ethereum price continued to drop as sellers pushed the price down marginally during the ongoing session, as buyers and sellers looked to establish control. ETH had ended the weekend on a reasonably positive note, rising by 1.40% on Sunday and moving to $3057. Monday saw ETH continue to push higher, as the price rose by almost 3%, moving to $3141. However, the price fell back after reaching this level, dropping by 0.65% and then registering another marginal drop during the current session.
Ethereum Price Chart Indicates Buyers And Sellers Struggling To Establish Control
The Ethereum price had ended the previous weekend by registering a marginal increase on Sunday. On Monday, the price continued to push higher, rising by over 3% and settling at $2688. Tuesday saw ETH remain in the green, rising by nearly 4% and settling at $2789, where the 20-day SMA acted as resistance. As a result, the price fell back on Wednesday, dropping by 3.91% and falling to $2680. However, ETH registered a marginal increase on Thursday and then surged by over 11%, pushing above the 20-day SMA and settling at $2996.
Image: ETH/USD daily
The Ethereum price remained bullish over the weekend, rising by 0.62% on Saturday and then rising by 1.40% on Sunday to end the weekend at $3057. Monday saw ETH continue to push higher, as the price rose to $3141 before dropping back on Tuesday, falling by 0.65% and dropping to $3121. The current session sees ETH marginally down, as sellers look to push the price lower.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
IntoTheBlock’s IOMAP for the Ethereum price shows us that ETH has strong support at around $2762. At this price level, over 653,000 addresses have bought over 9.5 million ETH.
The 4-hour Ethereum price chart shows us that ETH had dropped to $2600 on the 3rd, slipping below the 20-bar SMA. At this level, the 50-bar SMA was acting as support, and the price recovered, rising to $2696 and then surging past the 20-bar SMA, rising to $2960 on the 4th. ETH remained bullish after reaching this level, pushing past the 200-bar SMA and the $3000 level, rising to $3054. The price fell back marginally from this level, dropping to $2993 on the 6th, before recovering and rising to $3178. The price fell back from this level, dropping to $3074 and then dropping to its current level of $3109.
We can see that the Parabolic SAR and MACD are both 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 can see that ETH has dropped marginally over the past couple of sessions. If sellers retain the session, we could see ETH drop below $3100. However, if the price recovers, we could see it push towards $3200.