Ethereum Technical Analysis: ETH Recovers During Current Session, Pushes Towards $4700 

Daily Ethereum ETH Price Analysis

Last Updated November 16th 2021
3 Min Read
  • The Ethereum price recovered during today’s session, with the price currently up by almost 1.50%. 
  • ETH has been quite bearish lately and had slipped below $4700 over the weekend. 

The Ethereum price has started the week on a positive note, as the price picked up during the current session after a fairly bearish weekend. ETH had dropped by 1.14% on Friday, as the price dropped to $4667, with the bearish sentiment persisting over the weekend. The price dropped by 0.48% on Saturday and 0.44% on Sunday to end the weekend at $4625 before recovering during the current session. 

Ethereum Price Chart Indicates ETH Could Push Past $4700 

The Ethereum price was quite bullish over the previous weekend, as the price rose by 0.96% on Saturday. ETH pushed up by a further 2.06% on Sunday, as it ended the weekend at $4615. Monday started on a bullish note as well, as ETH rose by over 4% to settle at $4809. ETH dropped on Tuesday, but not before setting a new all-time high of $4943. However, after reaching this level, the price dropped to $4732. The price fell further on Wednesday, after a highly volatile session saw the price drop by over 2%, to $4633, before recovering on Thursday.

Image: ETH/USD daily

ETH/USD daily chart 111621

After dropping to $4633 on Wednesday, the Ethereum price recovered on Thursday, as it rose to $4722, registering an increase of almost 2%. However, the price fell back into the red on Friday, as it fell to $4667. The weekend saw the bearish sentiment continue, as the price dropped by 0.48% and then by 0.44% to settle at $4625 on Sunday. The current session has seen ETH recover as buyers push the price past $4700. While the MACD and Parabolic SAR are both currently bearish, we could see them flip to bullish if the price continues to push up.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $4333. At this price level, more than 625,000 addresses have bought over 8.5 million LTC.

Image: IntoTheBlock 

ETH/USD volume chart 111621

The 4-hour Litecoin price chart shows us that ETH had dropped below the 20 and 50-bar SMAs, falling to $4374 on the 6th. The price surged from this level as it pushed past the 20 and 50-bar SMAs and moved up to $4816. ETH then dropped to $4691, where the 20-bar SMA came into play as support and pushed the price up to $4849. However, the price dropped drastically after this, falling to $4633, where the 50-bar SMA propped up the price. ETH rose to $4776, but once again, it could not sustain itself at this level and dropped to $4573. With the 50-bar SMA now acting as resistance, the price dropped further, falling to $4544 before pushing to its current level of $4703. We can see that the Parabolic SAR and MACD are both bullish, indicating that the price could push up during the current session.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 111621

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has recovered during the current session after a relatively bearish weekend. If the current sentiment persists, we could see the price push past $4700 and move towards $4750.