- The Ethereum price continued to push up, moving past $4700 during the current session.
- ETH has been highly bullish since the weekend, pushing up significantly during the week.
The Ethereum price neared $4700 as buyers continued to push the price higher. ETH has been extremely bearish during the current week, pushing up by 1.31% on Saturday. Sunday saw ETH push above the 50-day SMA as the price moved to $4298, ending the weekend on a bullish note. The price moved above the 20-day SMA on Monday as ETH continued to push higher, rising by over 4% on Tuesday and settling at $4631.
Ethereum Price Chart Indicates ETH Could Settle Above $4700
The Ethereum price started the previous weekend on a fairly bullish note, as the price pushed up by 2.73% on Saturday. However, it fell back on Sunday, dropping to $4262 after registering a fall of 3.50%. The price continued to drop on Monday, as ETH fell by over 4%, slipping below the 50-day SMA and settling at $4089. However, on Tuesday, the price pushed back up, moving above the 50-day SMA and settling at $4341. After a marginal fall on Wednesday, ETH pushed back up on Thursday, rising to $4523 and moving above the 20-day SMA before registering a sharp fall on Friday, slipping below the 20 and 50-day SMA and settling at $4045.
Image: ETH/USD daily
After dropping by over 10% on Friday, the Ethereum price recovered over the weekend, rising marginally on Saturday. On Sunday, the price continued to push up, moving above the 50-day SMA and settling at $4298. Monday saw the bullish sentiment continue, as ETH moved above the 20-day SMA and settled at $4449 before an increase of over 4% took the price above $4600 to $4631. The current session sees ETH pushing above $4700, as ETH looks to move past the resistance at this level.
We can see that the MACD has flipped to bullish, indicating that we could see the price push higher.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $4355. At this price level, over 1.3 million addresses have bought almost 12 million ETH.
The 4-hour Ethereum price chart shows us that ETH had dropped to $4214 on the 24th. However, ETH pushed up significantly from this level, pushing above the 200-bar SMA and settling at $4524 on the 26th. However, ETH turned bearish after reaching this level, slipping below all three SMAs and dropping to $3986. ETH pushed up to $4137 before dropping to $4027. The price pushed up significantly from this level, as it pushed above the 20 and 50-bar SMAs, moving to $4354 on the 29th. ETH continued to push up from this level, pushing past the 200-bar SMA and moving to $4767 before dropping to its current level of $4690.
We can see that the Parabolic SAR is currently bullish, indicating that we could see the price push higher. However, if the price continues to drop, we could see it flip to bearish.
Image: ETH/USD 4-hour
Ethereum Exchange Supply Reaches New Low
Recent on-chain data shows that the percentage of Ether supply present on exchanges has set new lows of around 14%. Per CryptoQuant, the ETH supply present on exchanges has been going down for a while now. The “percentage supply on exchanges” is an indicator that shows the share of the total Ethereum supply stored in wallets of all exchanges.
Generally, this supply present on exchanges is said to be the selling supply of ETH, and so if the indicator’s value goes up, it means there is a higher number of coins in the available sell supply. Due to the supply-demand dynamics of the market, this kind of trend can prove to be bearish for the cryptocurrency’s price.
On the other hand, if the metric’s value moves down, it implies the available supply of Ethereum has reduced. Prolonged such a trend can create a supply shock in the market, which can turn out to be bullish for the coin’s price.
The percent ETH supply on exchanges has shown a steady downtrend during the entire year so far. Currently, the value of the indicator sits around 14%, a new low. At the start of 2021, the metric’s value was about 21%.
In May, when the price of Ether was at similar levels as now, the metric’s value was around 18%, a sizeable difference.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has been extremely bullish during the current session. If buyers can retain control of the session, we could see ETH push past the resistance at $4709.