- The Ethereum price fell back during the current session, as it failed to push past $4100.
- ETH had registered a significant increase on Saturday, pushing up by 4.77%.
The Ethereum price registered a marginal drop during the ongoing session, as the price fell marginally. ETH had fallen significantly towards the end of the week, falling by 7.50% on Thursday, slipping below the 20 and 50-day SMAs to $4108. ETH continued to drop on Friday, slipping below $4000 and settling at $3902, before the price recovered on Saturday and moved back up to $4088.
Ethereum Price Chart Indicates Sellers Looking To Push ETH To $4000
The Ethereum price was extremely bearish heading into the previous weekend, as the price dropped by 6.54% on Friday, slipping below the 20 and 50-bar SMA. Saturday saw a further drop, with ETH falling to $4125, before recovering on Sunday and rising to $4202. On Monday, ETH continued to push up from this level, rising by 3.66%, moving above the 20-day SMA, and settling at $4356. With the 50-day SMA acting as resistance, ETH dropped on Tuesday, falling by 1.06$ and settling at $4310, where the 20-day SMA acted as support.
Image: ETH/USD daily
After registering a drop on Tuesday, the Ethereum price pushed above the 50-day SMA on Wednesday, rising by 3.04% and settling at $4441. After reaching this level, the price fell back significantly on Thursday, falling by over 7%, slipping below the 50 and 20-day SMAs, and settling at $4108. The price continued to drop on Friday, falling by over 5%, slipping below $4000 and settling at $3902, before rising on Saturday and moving back above $4000. The current session sees ETH down marginally as sellers look to drive the price down.
We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $4354. At this price level, over 1.60 addresses have sold more than 11 million ETH.
Image: IntoTheBlock
The 4-hour Ethereum price chart shows us that after dropping to $4048, ETH had pushed above the 20-bar SMA on the 6th, rising to $4355, where the 50-bar SMA acted as resistance. ETh briefly went past this level, rising to $4415, but with the 200-bar SMA acting as resistance, fell back to $4271, slipping below the 50-bar SMA. At this level, the 20-bar SMA was acting as support, as ETH pushed back up to $4441 before turning bearish, slipping below all three SMAs and settling at $4108. The price continued to drop from this level, falling to $3902, before rising to its current level of $4050.
We can see that the Parabolic SAR and MACD have both flipped to bullish, indicating that we could see the price recover. However, if the price continues to drop, we could see them flip to bearish.
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 during the ongoing session. If the current sentiment persists, we could see ETH drop to $4000 before recovering.