- The Ethereum price continued to drop during the ongoing session, down by just over 1%.
- ETH registered a massive drop on Friday after it had dropped by over 7%, falling to $2623.
The Ethereum price looks set to end the weekend on a bearish note, with ETH in the red during the ongoing session as sellers look to push ETH below $2600. ETH had registered a drop of nearly 4% on Thursday, falling to $2834, and then dropped by over 7% on Friday, falling to $2623. The price managed to recover on Saturday, rising by nearly 2% before dropping back during the ongoing session.
Ethereum Price Chart Indicates ETH Could Slip Below $2600
The Ethereum price had started the previous weekend on a bullish note, registering an increase of nearly 7% on Friday. The price continued to push higher over the weekend, registering a marginal increase on Saturday but fell back on Sunday, dropping by nearly 6% and ending the weekend at $2617. ETH started the week on a positive note, as the price surged by almost 12%, pushing above the 20 and 50-day SMAs and rising to $2922. Tuesday saw the price continue to push higher, rising by nearly 2% and moving to $2977.
ETH/USD daily chart. Source: TradingView
Despite the bullish sentiment, the Ethereum price fell back on Wednesday, dropping by 0.94% and then registering a drop of nearly 4% on Thursday, dropping below the 50-day SMA and settling at $2834. On Friday, the price continued to drop, falling over 7%, slipping below the 20-day SMA, and settling at $2623 before registering a recovery on Saturday, rising by 1.65% and moving to $2666. However, the price fell back on Sunday and is currently down by nearly 2% as sellers look to push the price below $2600.
We can see that the MACD is currently bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2270. At this price level, over 406,000 addresses have bought more than 11 million ETH. ETH also faces strong resistance at around $2829, where over 593,000 addresses have sold 10 million ETH.
More On Ethereum: What's the Future of Ethereum?
ETH/USD volume chart. Source: IntoTheBlock
Looking at the 4-hour Ethereum price chart, we can see that ETH had pushed up to $2922 on the 1st, pushing above the 200-bar SMA. The price continued to move higher from this level, rising to $3017. ETH turned bearish after reaching this level and fell back, dropping to $2897 and then slipping below the 20 and 200-bar SMAs, falling to $2828 on the 3rd. ETH continued to drop from this level, slipping below the 50-bar SMA, falling to $2725, and then continuing to drop, falling to $2616 on the 4th. After dropping to this level, the price registered a marginal increase, rising to $2671 before dropping to its current level of $2627.
We can see that the MACD is bearish, indicating that we could see the price drop. However, the Parabolic SAR is bullish, indicating that ETH could recover and push towards $2650.
ETH/USD 4-hour chart. Source: TradingView
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has been relatively bearish during recent sessions. If the current sentiment persists, we could see the price drop below $2600. However, if ETH manages to recover, we could see the price push back towards $2700.