Ethereum Technical Analysis: ETH Looks To Push Above $4000 

Daily Ethereum ETH Price Analysis

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Last Updated December 20th 2021
3 Min Read
  • The Ethereum price registered a relatively bullish weekend, nearly rising to $4000
  • ETH was quite bearish over the week and had dropped below $3900 on Friday. 

The Ethereum price picked up over the weekend, as it moved back above $3900, with buyers looking to push the price to $4000. ETH had dropped significantly on Thursday when the price fell to $3959. ETH continued to drop on Friday, falling by over 2% and settling at $3879. The weekend saw a strong recovery, as ETH rose by 2.15% on Saturday, moving to $3962, with the price at $3970 during the current session. 

Ethereum Price Chart Indicates Buyers And Sellers Struggling For Control Of Current Session 

The Ethereum price started the previous weekend on a fairly bearish note, as the price dropped by over 5% on Friday, dropping to $3905. However, the weekend saw a strong recovery, with ETH rising by 4.68% on Saturday and 1.13% on Sunday to end the weekend on a positive note at $4134. Despite the bullish weekend, the price fell drastically on Sunday, falling by over 8%, slipping below $4000, and settling at $3783. Despite the significant drop, ETH recovered on Tuesday, as the price rose by 2.08% and moved up to $3861.

Image: ETH/USD daily

ETH/USD daily chart 122021

After moving up to $3861 on Tuesday, the Ethereum price pushed up on Wednesday, rising by over 4% and settling at $4022. However, ETH fell back on Thursday by 1.56% and settled at $3959. On Friday, the price continued to drop as ETH fell to $3879. However, after reaching this level, ETH recovered over the weekend, rising by over 2% and moving to $3962. The current session sees buyers and sellers vying for control, with the price marginally increasing. We can see that the Parabolic SAR is currently bearish, but if the price can increase, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $4148. At this price level, over 1.7 million addresses have sold more than 10.7 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 122021

The 4-hour Ethereum price chart shows us that ETH had dropped significantly on the 13th, dropping to $3766. ETH was able to stay at this level for the subsequent few sessions before rising to $3865. However, ETH could not push past the 20-bar SMA and dropped back significantly, falling to $3660 on the 15th. ETH surged from this level as the price moved above the 20-bar SMA and then pushed above the 50-bar SMA, moving to $4085 on the 16th. ETH could not stay at this level and fell back, slipping below the 50 and 20-bar SMAs, and dropping to $3834 on the 17th. The price gradually pushed up from this level, pushing above the 20 and 50-bar SMAs on the 18th, rising to $3959, before rising to its current level of $3970.

We can see that the Parabolic SAR and the MACD are bullish, indicating that the price could recover. However, if the price continues to drop, we could see them flip to bearish.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 122021

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that buyers and sellers are struggling to control the current session. If buyers retain control, we could see ETH push towards $4000. However, if sellers retake control, ETH could drop towards $3900.