- The Ethereum price fell sharply during the current session, with ETH currently down by over 7%.
- ETH has been quite bearish over the past week, despite setting a new all-time high on Tuesday.
The Ethereum price registered a significant fall during the current session, as the marketwide slump took its toll on the price. ETH has slipped below $4300 during the current session, with the price already down by over 7%. ETH has been quite bearish since the previous week and over the weekend, registering a drop of 0.48% on Saturday and 0.44% on Sunday. The price continued to drop on Monday, slipping to $4563, before dropping during the current session.
Ethereum Price Chart Indicates ETH Could Drop To $4200
The Ethereum price was quite positive at the start of the previous week, registering an increase of 0.96% on Saturday and 2.06% on Sunday to settle at $4615. Monday saw ETH push up further as it rose by 4.21%, pushing up to $4809. However, ETH could not push past this level and fell back on Tuesday. However, ETH also set a new all-time high on Tuesday, when it registered an intra-day high of $4943. ETH ended Tuesday at $4732 before falling to $4633 on Wednesday.
Image: ETH/USD daily
The Ethereum price posted a recovery on Thursday, as it pushed up to $4722, registering an increase of almost 2%. However, the price was back in the red on Friday, dropping to $4667. The weekend remained bearish for ETH, as it dropped by 0.48% on Saturday and 0.44% on Sunday to end the weekend at $4625. The bearish sentiment continued during the current week, as ETH dropped by 1.33% on Monday. ETH slipped below the 20-day SMA during the current session, as the price fell drastically, slipping below $4300 to its current level of $4250.
We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $4411. At this price level, more than 600,000 addresses have sold over 8 million LINK.
Image: IntoTheBlock
Looking at the 4-hour Ethereum price chart, we can see that ETH had pushed up to $4816 on the 9th and then dropped to $4691. At this level, the 20-bar SMA was acting as support, and the price pushed up to $4849 from this level. However, ETH fell into the red after reaching this level, as the price dropped to $4633, slipping below the 20-bar SMA. With the 50-bar SMA now acting as support, ETH pushed up to $4776 before falling to $4573, slipping below the 50-bar SMA. The price pushed back up to $4680, but with the 20-bar SMA acting as resistance, ETH slipped back to $4544. ETH pushed back from this level, pushing past the 20 and 50-bar SMAs to $4722 before falling drastically to $4312, slipping below the 20 and 50-bar SMAs. ETH then slipped below the 200-bar SMA as the price dropped to its current level of $4240.
The MACD and Parabolic SAR are both bearish, indicating that the price could drop further.
Image: ETH/USD 4-hour
Unstoppable Domains To Use Polygon To Reduce Ethereum Gas Fees
Blockchain company Unstoppable Domains will no longer charge customers gas fees to mint an NFT domain name, it announced. Unstoppable has completed the first phase of its move to Polygon, a layer-2 scaling solution for Ethereum which can speed up transactions and mitigate fees.
Initially, Unstoppable Domains used the Zilliqa blockchain before moving to Ethereum and now Polygon, which touts itself as “the eco-friendly blockchain scaling Ethereum.” Gas on Ethereum refers to the variable cost of making any transaction on the network and can often get quite expensive.
Unlike many other NFTs, which are often associated with visual art, such as images, gifs, or short videos, NFT domain names are simply web domain names that exist on a blockchain. NFTs are tokens that can be used to represent ownership over various types of digital items, including “uncensorable” web domains.
These domains also serve the dual purpose of providing short, easy-to-remember crypto wallet addresses, much like the “.eth” names provided by the Ethereum Name Service. Unstoppable Domains claims that more than 1.5 million NFT domain names have been set up through its service since 2018. The company allows users to purchase domain names ending in .crypto, .nft, .bitcoin, .dao and .blockchain, to name a few.
Now that Unstoppable Domains is moving to Polygon, the company plans to offer support for domain management and transfer solutions for those with older Zilliqa and Ethereum-minted domains.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, ETH has fallen significantly during the current session. If the current sentiment persists, then we could see ETH drop to $4200.