- The Ethereum price has registered a significant increase during the ongoing session, with ETH currently up by over 2%.
- ETH has been on an upward trajectory since dropping to $3630 on Wednesday.
The Ethereum price is looking to push towards $3900, with buyers in control of the current session. ETH had dropped to $3674 on Friday, dropping by 0.95%. ETH recovered over the weekend, as it registered an increase of 2.52% on Saturday and then rose by 1.69% on Sunday to end the weekend at $3765. However, the price fell back in the red on Monday, falling to $3765, before recovering during the ongoing session.
Ethereum Price Chart Indicates Buyers Could Push ETH To $3900
The Ethereum price began the previous weekend on a fairly bullish note, rising by 1.24% on Saturday. However, ETH fell back in the red on Sunday, ending the weekend on a bearish note. Monday saw the bearish sentiment continue, as ETH started the week with a drop of 0.67%. Tuesday saw ETH continue to drop, falling over 6%, slipping below the 20-day SMA, and settling at $3794. On Wednesday, the price continued to drop, with sellers driving the price down over 4% to $3630.
Image: ETH/USD daily
After dropping by over 4% on Wednesday, the Ethereum price made a strong recovery on Thursday, rising over 2% and settling at $3710. ETH fell back in the red on Friday, registering a marginal drop, but recovered over the weekend, rising by 2.52% on Saturday and moving to $3767. ETH continued to push higher on Sunday, rising to $3831. However, the price fell on Monday, dropping to $3765, before making a strong recovery during the ongoing session.
We can see that the Parabolic SAR is currently bearish, but if ETH can push past $3900, 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 $4042. At this price level, over 2 million addresses have sold more than 12 million ETH.
Looking at the 4-hour Ethereum price chart, we can see that ETH had dropped to $3630 on the 30th. The price pushed up from this level, rising to $3739, and was able to stay at this level for the subsequent few sessions before pushing above the 20-bar SMA on the 31st, rising to $3780. ETH could not stay at this level and fell back below the 20-bar SMA, dropping to $3624. The price pushed back up from this level, rising to $3724, where the 20-bar SMA acted as resistance, and the price dropped to $3693. ETH pushed above the 20-bar SMA on the 1st and then rose to $3767. ETH then pushed up to $3831, where the 50-bar SMA acted as resistance. As a result, the price fell back below the 20-bar SMA, falling to $3740 and then rising back above the 20 and 50-bar SMAs, rising to $3859.
We can see that the MACD and Parabolic SAR are both bullish, indicating that we could see the price push higher.
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 made a strong recovery during the ongoing session. If the current sentiment persists, we could see ETH move to $3900.