- The Ethereum price fell back into the red during the current session, currently down by almost 3%.
- ETH was quite bearish over the weekend and had started the current week in the red, dropping by over 4% on Monday.
The Ethereum price slipped below $4300 as sellers pushed the price down during the current session. ETH has been in the red since Sunday when the price had dropped by 3.50% on Sunday. Monday saw ETH continue to drop, as it slipped below the 50-day SMA and settled at $4089. However, on Tuesday, it made a strong recovery, rising by over 6% and settling at $4341 after pushing back above the 50-day SMA.
Ethereum Price Chart Indicates ETH Could Drop To $4200
The Ethereum price started the previous week in the red, as it registered a marginal drop on Monday. Tuesday saw a fairly significant fall as ETH slipped below the 20-day SMA after dropping by over 7% and settling at $4212. Despite the overall bearish sentiment, ETH pushed up by almost 2% on Wednesday before dropping back on Thursday, slipping below the 50-day SMA and settling at $3998. Friday saw ETH post another strong recovery, as it pushed back above the 50-day SMA, rising by 7.52% and settling at $4299.
Image: ETH/USD daily
After rising to $4299 on Friday, the Ethereum price pushed further on Saturday, as it rose to $4416. However, the price fell back on Sunday, dropping by 3.50% and settling at $4262. Monday saw the price continue to drop, as it slipped below the 50-day SMA and settled at $4089. ETH made a recovery on Tuesday, rising by over 6% to push above the 50-day SMA and settle at $4341. The current session sees ETH back in the red, with the price currently down by over 2%.
We can see that the Parabolic SAR has flipped to bullish, indicating that the price could recover. However, if the price continues to drop, we could see it flip back to bearish.
IntoTheBlock’s IOMAP for the Ethereum price shows us that ETH faces strong resistance at around $4409. At this price level, almost 600,000 addresses have sold 9.9 million ETH.
The 4-hour Ethereum price chart shows us that ETH had dropped to $3998 on the 19th, as it failed to get past the 200-bar SMA. However, the price pushed up from this level, rising to $4297 and pushing past the 20-bar SMA. The 200-bar SMA was acting as resistance at this level, with ETH failing to get past it and dropping to $4218. The price pushed up from this level, as it pushed above the 200 and 50-bar SMAs but failed to stay above them, dropping to $4067. ETH pushed up again from this level, rising to $4357, rising above the 50-day SMA but failing to push past the 200-day SMA and dropping to its current level of $4256.
We can see that the MACD is currently bullish, indicating that there is a chance that the price could push higher.
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 fallen during the current session. With the 50-day SMA acting as support, there is a chance that the price could recover and push towards $4300. However, if sellers pierce this level of support, we could see ETH drop to $4200.