- The Ethereum price continued to drop during the current session after posting a decent recovery on Wednesday.
- ETH has been quite bearish during the current week as a result of the marketwide bearish turn.
After Wednesday's recovery, the Ethereum price fell back in the red, as sellers drove the price below $4200 on Thursday. ETH had started the current week in the red, registering a drop of 1.33% on Monday. Tuesday saw the price take a drastic fall, dropping by over 7% as it slipped below the 20-day SMA and settled at $4212. ETH recovered on Wednesday, as it rose by 1.82% to $4289, but fell back in the red on Thursday, with sellers in control of the current session.
Ethereum Price Chart Indicates ETH Could Drop To $4050
The Ethereum price started the previous week on a positive note, as the price pushed up by over 4% on Monday. However, on Tuesday, the price was back in the red, falling by 1.60% and settling at $4732. ETH continued to drop on Wednesday, as it registered a drop of over 2%, before recovering on Thursday and moving up to $4722. The price fell back on Friday, falling by 1.14% and settling at $4667 before another marginal drop on Saturday took the price down to $4645.
Image: ETH/USD daily
The Ethereum price remained in the red on Sunday, as it registered a marginal drop to end the previous week in the red. However, the bearish sentiment continued during the current week, as ETH started off with a drop of 1.33% on Monday. Tuesday saw a sharp drop of 7.69% as ETH slipped below the 20-day SMA and settled at $4212 before recovering on Wednesday and rising to $4289. The price fell back in the red on Thursday as sellers pushed the price below $4200, with the price continuing to drop.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $4367. At this price level, over 824,000 addresses have sold more than 9 million ETH.
The 4-hour Ethereum price chart shows us that ETH had dropped to $4573 on the 12th, slipping below the 20 and 50-bar SMAs. The price pushed up from this level, as it rose to $4667, pushing above the 50-bar SMA. However, with the 20-bar SMA acting as resistance, the price fell back to $4544, slipping back below the 50-bar SMA. ETH made a strong recovery from this level as it pushed above the 20 and 50-bar SMAs and moved to $4722. However, the price could not sustain itself at this level and dropped to $4312, slipping back below the 20 and 50-bar SMAs. ETH fell further from this level, as the price dropped below the 200-bar SMA and settled at $4122. ETH then rose to $4289, but with the 200-bar SMA acting as resistance, the price fell to its current level of $4175.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further during the current session. Additionally, we can see that the 200-bar SMA and 20-bar SMA have performed a bearish cross, impacting the price.
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 registered a sharp drop during the current session. If the current sentiment persists, we could see ETH drop to around $4000, where the price could find support.