- The Ethereum price slipped below the crucial $2500 level on Saturday, dropping to $2413.
- The current session has seen a marginal recovery, as ETH looks to move back above $2500
The Ethereum price has been extremely bearish in recent sessions, dropping to its lowest levels since August 2021. ETH had registered a drop of nearly 3% on Thursday, dropping to $3000. ETH dropped below $3000 on Friday, as it slumped by over 14% and settled at $2569. ETH registered a further drop of over 6% on Friday, dropping to $2413. The current session has seen ETH recover, rising marginally as it looks to move back above $2500.
Ethereum Price Chart Indicates ETH Could Push Back Above $2500
The Ethereum price had started the previous weekend on a fairly positive note, rising by 0.42% on Friday. The weekend saw ETH remain in the green, rising by 2.23% on Saturday and then by 0.63% on Sunday to end the weekend on a positive note at $3359. However, the price fell back on Monday, dropping by 4.08% and settling at $3212. ETH slipped below the $3200 level on Tuesday, dropping to $3161.
Image: ETH/USD daily
The Ethereum price remained in the red on Wednesday, dropping by 2.39% and settling at $3085. On Thursday, the price dropped to $3000 after falling by 2.75%. Friday saw ETH fall off a cliff, dropping over 14% and falling to $2569. The weekend started on a bearish note, as ETH slipped below $2500 on Saturday, dropping over 6% to $2413, before posting a marginal recovery during the ongoing session.
We can see that the Parabolic SAR is still bearish, indicating that the price could drop further.
Looking at the Ethereum price chart, we can see that ETH has strong support at around $2252. At this price level, over 400,000 addresses have bought more than 9.7 million ETH.
Image: IntoTheBlock
The 4-hour Ethereum price chart shows us that ETH had slipped below the 50-bar SMA on the 17th when the price dropped to $3220. The price continued to drop from this level, dropping to $3058 on the 19th, recovering and pushing above the 20-bar SMA, rising to $3261 on the 20th. However, the 50-bar SMA was acting as resistance at this level, and ETH slipped below the 20-bar SMA, dropping below $3000 and settling at $2836 on the 21st. ETH remained bearish after dropping to this level, dropping to $2569 on the 22nd and then to $2337. However, the price recovered from this level, rising to $2499 before dropping to its current level of $2411.
We can see that the MACD has just flipped to bullish, indicating that we could see the price recover.
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 managed to register a marginal recovery during the ongoing session. If the current sentiment persists, we can expect ETH to push above $2500.