- The Ethereum price is down by over 8% as markets crash thanks to tensions between Russia and Ukraine.
- ETH has been extremely bearish in recent sessions and had started the current week on a bearish note, dropping to $2569.
The Ethereum price continued to slide as markets were overrun by bears, driving ETH down significantly. ETH had started the week in the red, dropping by 1.98% before recovering on Tuesday, rising by almost 3%, settling at $2638. The price fell back on Wednesday, dropping by 2.22% to $2579, before crashing below $2400 during the ongoing session.
Ethereum Price Chart Indicates ETH Could Push Back Above $2400
The Ethereum price started the previous week on a fairly positive note, rising by just over 2% on Monday. ETH continued to push higher on Tuesday, surging by almost 9%, pushing past the 50-day SMA and settling at $3185. ETH fell back on Wednesday, falling by almost 2% and then falling by over 7% on Thursday, dropping below the 50 and 20-day SMAs and settling at $2893. Friday saw the bearish sentiment persist, as ETH dropped to $2780 after a fall of almost 4%.
Image: ETH/USD daily
The Ethereum price remained in the red over the weekend, registering a marginal drop on Saturday and then falling by over 5% on Sunday, settling at $2621. ETH continued to drop on Monday, falling by 1.98%, before recovering on Tuesday and pushing up by almost 3%, settling at $2638. ETH fell back in the red on Wednesday, falling by 2.22% before dropping by over 8% during the ongoing session.
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 $2265. At this price level, over 362,000 addresses have bought over 10 million ETH.
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The 4-hour Ethereum price chart shows us that ETH had dropped to $2723 on the 19th before making a marginal recovery and rising to $2765. ETH turned bearish after reaching this level, falling to $2621 on the 21st before rising to $2749. At this level, the 20-bar SMA acted as resistance, and ETH fell back significantly, dropping to $2519 on the 22nd. ETH made a strong recovery from this level, rising back above the 20-bar SMA and moving to $2721. However, ETH fell back from this point and dropped back below the 20-bar SMA, and dropped to its current level of $2354.
We can see that the MACD and Parabolic SAR are both bearish, indicating that we could see the price drop further.
Image: ETH/USD 4-hour
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we see that ETH has been extremely bearish during the week and has registered a significant crash during the ongoing session. If the current sentiment persists, we could see ETH drop below $2300. However, if the price manages to recover, it could move above $2400.