Ethereum Price Prediction: ETH Looks To Push To $4200 

Daily Ethereum ETH Technical Analysis

Last Updated December 24th 2021
4 Min Read
  • The Ethereum price has registered a marginal fall during the current session, although ETH is still above $4000
  • ETH had pushed up significantly on Thursday, registering an increase of over 3%. 

The Ethereum price is currently down by just under 0.50%, as buyers and sellers struggle to control the session. ETH had started the week on a bullish note, rising by 0.49% on Monday. Tuesday saw ETH continue to push higher, rising to $4017. The price fell back in the red on Wednesday, falling by 0.91%, but recovered on Thursday, rising by over 3% and settling at $4112. 

Ethereum Price Chart Indicates Sellers Looking To Push ETH To $4000 

The Ethereum price started the previous week on an extremely bearish note, dropping by over 8% on Monday. The price recovered on Tuesday, rising by over 2%, and then by over 4% on Wednesday to settle at $4022. However, ETH was back in the red on Thursday, dropping by 1.59% and settling at $3958. ETH continued to drop on Friday, falling by 2% to $3879. Despite the bearish sentiment, ETH was back in the green on Saturday, rising to $3962, before falling back on Sunday and settling at $3925.

Image: ETH/USD daily

ETH/USD daily chart 122421

After dropping to $3925 on Sunday, the Ethereum price recovered on Monday, starting the current week on a reasonably bullish note, registering an increase of 0.49%. On Tuesday, the price continued to push up, rising by nearly 2% and pushing above $4000 to settle at $4017. Wednesday, saw ETH back in the red, falling to $3981, before rising by over 3% on Thursday, moving above the 20-day SMA and setting at $4112. The current session sees ETH down marginally, but we could see the price recover with the Parabolic SAR and MACD bullish.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $4148. At this price level, over 1.7 million addresses have sold more than 11 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 122421

The 4-hour Ethereum price chart shows us that ETH had pushed up to $3990 on the 19th before falling back significantly from this level, dropping below the 20 and 50-bar SMAs and settling at $3799. ETH made a strong recovery from this level, pushing back above the 20 and 50-bar SMAs and settling at $4026. The price rose to $4051 on the 22nd but fell back significantly, falling back below the 20 and 50-bar SMAs at $3912. ETH pushed back above the two SMAs on the 23rd, surging to $4135, before dropping to its current level of $4096.

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

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 122421

Opera To Integrate Ethereum Dapps Into Browser

Opera, a web browser that supports web 3.0, recently announced a browser integration with Polygon. It allows users to transact in Polygon’s native currency MATIC, and eliminates passwords, helping remove barriers to entry for crypto newcomers. `

Polygon was created as a layer-2 scaling solution for the Ethereum network, which has unsustainably high fees currently. Creator Vitalik Buterin has admitted that such solutions scale the network’s functionality, especially around NFTs. Polygon hosts various NFT and gaming dApps to assist with this.

Jørgen Arnesen, Opera EVP Mobile, said:

“Our cooperation with Polygon will allow us to remove the biggest challenge that crypto-enthusiasts are now facing: high gas fees and slow transaction speeds.”

Opera users can access dApps including Sushiswap, Curve, Aave, Balancer, and Kyber, alongside blockchain-based NFT games/platforms like Decentraland, Opensea, Sandbox, Somnium Space, and Decentral Games.

Polygon will start by integrating Opera’s Android browser, relying on Android’s system lock to sign transactions securely. The integration will happen during Q1 of next year. Opera announced a similar partnership with Solana earlier this month, with which browser users will also have access to Solana dApps. Its non-custodial wallet supports multiple cryptos, including Bitcoin, Ethereum, Tron, and Celo.

The web 3.0 platform is proving a fierce competitor to Brave, the reigning king of crypto browsers. Unlike Brave, Opera has opted not to develop its cryptocurrency (BAT), nor its own blockchain.

The premise of such browsers is to provide a decentralized, blockchain-based layer for interacting on the web. The current internet is governed by powerful websites that serve as a single point of failure and have full power to censor content that other users publish on their platform. Web 3 projects aim to fix that.

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has registered a marginal drop during the ongoing session. If sellers retain control of the session, we could see ETH drop to $4000, although if the price recovers, ETH could push towards $4200.