Ethereum Technical Analysis: ETH Drops Below $4200, Slips By Over 7%

Daily Ethereum ETH Price Analysis

Last Updated December 10th 2021
3 Min Read
  • The Ethereum price fell significantly on Thursday, as it dropped by 7.50%. 
  • The current session has seen a marginal recovery so far, as ETH looks to push back to $4200 

The Ethereum price has seen a slight recovery during the ongoing session, as buyers look to drive up the price again. ETH had started the week on a positive note, rising by 3.66% on Monday and pushing above the 20-day SMA. However, the price fell back on Tuesday, thanks to the 50-day SMA, and settled at $4310 before ETH pushed past the 50-day SMA on Wednesday and settled at $4441. However, the price turned extremely bearish after reaching this level and fell by 7.50% on Thursday, dropping to $4108. 

Ethereum Price Chart Indicates ETH Could Push To $4200 

The Ethereum price started the previous week extremely bullishly, pushing above the 20-day SMA and settling at $4449. The bullish sentiment persisted on Tuesday, as ETH pushed up to $4635 after rising by over 4%. The markets turned bearish after reaching this level, as ETH dropped by 1,07% on Wednesday and then by 1.48% on Thursday to settle at $4570. The selloff intensified on Friday, as ETH dropped by 6.54%, slipped below the 20 and 50-day SMAs, and settled at $4222 before another significant drop on Saturday took the price below $4200 to $4125.

Image: ETH/USD daily

ETH/USD daily chart 121021

The Ethereum price recovered on Sunday, as it rose by almost 2% and settled at $4202 before pushing up 3.66% on Monday, moving past the 20-bar SMA and settling at $4356. With the 50-bar SMA acting as resistance, ETH fell back to $4310 on Tuesday before rising again on Wednesday, pushing above the 50-BAR SMA and settling at $4441. ETH then dropped sharply on Thursday, as sellers pushed the price down by 7.50%, slipping below the 20 and 50-day SMAs to settle at $4161.

We can see that the Parabolic SAR is still bearish, indicating that we could see the price drop. However, if ETH recovers, we could see the Parabolic SAR flip to bullish.

IntoTheBlock’s IOMAP for the Ethereum price shows us that ETH faces strong resistance at around $4340. At this price level, more than 2 million addresses have sold over 13 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 121021

Looking at the 4-hour Ethereum price chart, we can see that ETH had dropped significantly on the 3rd, slipping below all three SMAs and settling at $3874 on the 4th. ETH pushed up from this level as the price rose to $4207, but with the 20-bar SMA coming into play as resistance, it dropped back to $4077. However, the price pushed up rapidly on the 6th, pushing above the 20-bar SMA and settling at $4355, where the 50-bar SMA was acting as resistance. ETH could not push past this level and dropped to $4271 before rising to $4441, pushing above the 50 and 200-bar SMAs, before taking a drastic fall and settling at $4108.

Currently, ETH is at $4155, and if the price continues to push higher, we could see the MACD flip to bullish.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 121021

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH had registered a sharp fall on Thursday but has recovered during the ongoing session. If the current sentiment persists, we could see ETH push to $4200.