- The Ethereum price fell back during the ongoing session, as sellers pushed the price back towards $3800
- ETH had pushed up by over 2% on Tuesday, rising to $3862.
The Ethereum price failed to make any sizeable gains on Tuesday and fell back in the red during the ongoing session as sellers retook control. ETH was quite positive over the weekend and ended it at $4133. However, the price dropped on Monday, as ETH registered a fall of over 8% and slipped below $4000 to settle at $3783. Tuesday saw ETH recover as it pushed to $3862 but fell back during the ongoing session.
Ethereum Price Chart Indicates ETH Could Drop Back To $3800
The Ethereum price started the previous week on a very bullish note, rising by over 3% and moving to $4356. With resistance at this level, the price fell back on Tuesday, dropping to $4310, before recovering on Wednesday, pushing above the 50-day SMA and settling at $4441. Despite the bullish sentiment, ETH fell back on Thursday, falling by over 7%, and slipping below the 20 and 50-bar SMAs to settle at $4108. Friday saw the price continue to drop, as ETH slipped below $4000, falling to $3902.
Image: ETH/USD daily
After dropping below $4000 on Friday, the Ethereum price pushed back up over the weekend, rising by almost 5% on Saturday and moving up to $4088. Sunday saw the price continue to increase as ETH moved to $4122. However, the price fell back on Monday, falling by over 8% and slipping back below $4000 to $3783. On Tuesday, the price pushed back up, rising by just over 2%, but fell back during the ongoing session.
We can see that the Parabolic SAR 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 faces strong resistance at around $4234. At this price level, more than 1.5 million addresses have sold more than 13 million ETH.
The 4-hour Ethereum price chart shows us that after rising to $4441 on the 9th, ETH fell drastically, slipping below all three SMAs and dropping to $4204. The price continued to drop from this level and fell further to $3902 on the 11th. ETH pushed up to $4089 from this level but could not move past the 20-bar SMA until the 12th when the price rose to $4141. The price fell back from this level and slipped below the 20-bar SMA, dropping to $3766 and then rising to its current level of $3824.
We can see that the MACD has just flipped to bullish, indicating that we could see the price rise further.
Image: ETH/USD 4-hour
Hedge Fund Three Arrows Bought $56M ETH
As seen on Etherscan, crypto hedge fund Three Arrows Capital (3AC) has snapped up $56 million in Ethereum, or nearly 14,833 ETH, following the market dip.
Three Arrows Capital CEO Zhu Su attracted wide attention in late November after, in a series of tweets, he indicated, "yes I have abandoned Ethereum despite supporting it in the past." Later, in what seemed to be a U-turn, the CEO tweeted, "I want to soften this and say abandon is the wrong word. Was the heat of the moment. I am sorry."
As tweeted by Wu Blockchain, Three Arrows continued its accumulation bid after the initial transfer of 91,477 ETH surfaced online.
"Since the transfer of 91,477 ETH from the exchange on December 7, Three Arrow Capital has frequently interacted with the exchange, and a total of 22,416 ETH has been transferred from the exchange in the past week."
Earlier in December, the crypto hedge fund loaded nearly 168,954 ETH in tranches of 91,477 ETH, and 77,477 ETH transferred from FTX, Binance, and Coinbase to the wallet marked by Nansen as Three Arrows Capital.
The Ethereum price is attempting to post a rebound since its recent low of $3,660. The Ethereum price action is endorsing a more sideways market in the near term.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH had fallen back during the ongoing session. ETH could slip below $3800, but if ETH could recover from this level, then the price could push back towards $3900.