- The Ethereum price has registered a marginal drop during the current session as sellers look to retake the market.
- ETH has been quite bullish during the week and had pushed up over 4% on Wednesday.
The Ethereum price fell back in the red during the current session, as sellers look to push the price below $3300. ETH had started the week in the red, as the price fell by 2.16% on Monday, dropping to $3084. The price recovered on Tuesday, as it rose by 5.09% on Tuesday and by 4.08% on Wednesday to settle at $3373 before dropping back during the current session.
Ethereum Price Chart Indicates ETH Could Slip To $3300
The Ethereum price was quite bearish during the previous week and had started Monday with a drop of 1.72%. The price was able to register a marginal increase on Tuesday before falling back on Wednesday, dropping by 6.47% and settling at $3540. The price continued to drop on Thursday, falling by nearly 4% and settling at $3409, where the 200-day SMA acted as support. Friday saw ETH slip below the $3400 level and the 200-day SMA when the price fell over 6% and settled at $3196.
Image: ETH/USD daily
The weekend started with the bearish sentiment persisting, as the Ethereum price fell by 3.59% on Saturday, dropping to $3081. However, the price pushed back up on Sunday, as ETH rose by 2.30% and moved to $3152. On Monday, ETH fell back in the red, dropping to $3084, but made a strong recovery on Tuesday, rising over 5% and settling at $2341. The price continued to push higher on Wednesday, rising over 4% and moving to $3373 before dropping back during the current session.
We can see that the Parabolic SAR is bearish, indicating that we could see ETH drop further.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $3707. At this price level, over 867,000 addresses have sold more than 11 million ETH.
The 4-hour Ethereum price chart shows us that ETH had dropped to $3020 on the 8th before pushing up to $3135. The price continued to push higher from this level, rising to $3217 on the 9th, where the 20-bar SMA acted as resistance. As a result, ETH fell back, dropping to $3106 and $3023 on the 10th. ETH pushed back up from this level, rising to $3131 before registering a marginal drop and then pushing past the 20-bar SMA, rising to $3246. After registering another marginal drop, ETH pushed back up, moving above the 50-bar SMA and settling at $3387. The price fell back from this level, registering a marginal drop and then moving to its current level of $3345.
We can see that the MACD and Parabolic SAR are bullish, indicating that the price could push higher.
Image: ETH/USD 4-hour
Ethereum Price Is Expected To Reach These Levels
The Ethereum price chart shows us that ETH had dropped marginally during the current session. If sellers manage to retain the session, we could see ETH drop to $3300 or below.