Ethereum Price Prediction: ETH Fails To Push To $3800, Registers Marginal Drop During Ongoing Session

Daily Ethereum ETH Technical Analysis

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Last Updated January 3rd 2022
2 Min Read
  • The Ethereum price has registered a marginal drop during the ongoing session, as sellers look to drive ETH back towards $3700
  • ETH has been quite bearish lately and had dropped to $3630 on Wednesday. 

The Ethereum price is currently marginally down as buyers and sellers look to control the ongoing session. ETH had dropped to $3630 on Wednesday but recovered strongly on Tuesday, rising by over 2% and settling at $3710. However, ETH fell back in the red on Friday, dropping to $3674. ETH recovered on Saturday, as the price rose by 2.53% and settled at $3767 before dropping back during the ongoing session. 

Ethereum Price Chart Indicates Buyers And Sellers Vying For Control 

The Ethereum price was quite bearish at the start of the previous week, dropping by 1.59% on Friday. ETH recovered on Saturday, rising by 1.23% but fell back in the red on Sunday, dropping by 0.78% and settling at $4065. Monday saw ETH remain bearish, registering a marginal drop, before dropping by over 6% on Tuesday, slipping below the 20-day SMA and settling at $3752. ETH continued to drop on Wednesday, falling by over 4% and settling at $3630.

Image: ETH/USD daily

ETH/USD daily chart 010322

After dropping by over 4% on Wednesday, the Ethereum price recovered on Thursday, rising by over 2% and settling at $3710. However, ETH was back in the red on Friday, dropping by 0.97% and settling at $3764. However, ETH made a strong recovery on Saturday, rising by 2.53% and settling at $3767 before dropping back during the ongoing session. We can see that the Parabolic SAR and MACD are both 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 $4043. At this price level, over 2 million addresses have sold more than 12 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 010322

The 4-hour Ethereum price chart indicates that ETH had slipped below the 20 and 50-bar SMAs, dropping to $3809 on the 28th. ETH was able to stay at this level for the subsequent few sessions but fell further, dropping to $3630 on the 30th. The price recovered from this level, rising to $3739 and then pushing above the 20-bar SMA on the 31st, rising to $3781. However, ETH could not stay at this level and fell back below the SMA, dropping to $3624. ETH made a strong recovery from this level, rising to $3724 and then pushing above the 20-bar SMA to its current level of $3749.

We can see that the MACD and Parabolic SAR are bullish, indicating a price increase. However, If ETH drops, we could see them flip to bearish.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 010322

Ethereum Price Is Expected To Reach These Levels

The Ethereum price chart shows us that ETH has dropped during the ongoing session. If the current sentiment prevails, ETH could drop towards $3700. However, if the price recovers, we could see ETH push to $3800 and beyond.