Ethereum Price Prediction: ETH Recovers, Looks To Push Above $2800

Daily Ethereum ETH Technical Analysis

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Last Updated February 22nd 2022
2 Min Read
  • The Ethereum price has finally broken its bearish streak and is up by almost 5% during the ongoing session. 
  • ETH had been extremely bearish during the previous week and had dropped to $2621 on Sunday. 

The Ethereum price has registered a strong recovery during the ongoing session, as buyers push ETH towards the $2800 level. ETH had reported a sharp drop on Friday, falling by almost 4% to $2780. The weekend saw ETH remain in the red, registering a marginal drop on Saturday and then dropping by over 5% on Sunday to end the weekend at $2621 before making a strong recovery during the ongoing session. 

Ethereum Price Chart Indicates ETH Could Push To $2800 

The Ethereum price started the previous weekend in the red, dropping by 4.09% on Friday. ETH remained in the red over the weekend, registering a marginal drop on Saturday before falling by almost 3% on Sunday, settling at $2871. At this level, the 20-day SMA came into play as support, and ETH was able to recover, rising by 2.04% on Monday and then surging by almost 9% on Tuesday, pushing above the 50-day SMA and settling at $3185. However, after reaching this level, the price fell back, dropping by almost 2% on Wednesday and settling at $3123.

Image: ETH/USD daily

ETH/USD daily chart 022222

The Ethereum price continued to drop on Thursday as ETH slipped below the 50 and 20-day SMAs and settled at $2893. ETH continued to drop on Friday, as the price fell to $2780 after a drop of almost 4%. The weekend saw ETH register a marginal drop on Saturday, before falling by over 5% and ending the weekend at $2621, before making a strong recovery during the ongoing session.

We can see that the MACD is currently bearish, but if ETH continues to push higher, we could see it flip to bullish.

IntoTheBlock’s IOMAP for the Ethereum price shows us that ETH has strong support at around $2701. At this price level, over 900,000 addresses have bought more than 9.2 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 022222

More On Ethereum: Why Ethereum Might Be A Good Investment In 2022?

The 4-hour Ethereum price chart shows us that ETH had pushed up to $3185 on the 16th. With the 50-bar SMA acting as support, ETH was able to stay at this level for the subsequent few sessions before turning bearish, dropping below the 20 and 50-bar SMAs and settling at $2893 on the 18th. ETH stayed at this level for the next few sessions before falling further, dropping below the 200-bar SMA and falling to $2800. ETH remained bearish after reaching this level, dropping to $2723 and then to $2644 on the 20th. After maintaining this level, ETH pushed up, rising to its current level of $2740.

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 022222

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has made a fairly strong start to the week. If the current sentiment persists, we could see ETH push to $2800. However, if bearish sentiment can pull the price down, ETH could drop below $2700.

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