- The Ethereum price has registered a marginal drop during the ongoing session.
- ETH had reported a significant increase on Tuesday, rising over 5% and pushing beyond $3200
The Ethereum price fell back in the red during the current session, with ETH presently down by over 0.33%. ETH had registered a sharp drop on Saturday, falling by 3.58% and settling at $3081. However, ETH was able to recover on Sunday, rising by 2.28% and ending the weekend at $3152. Monday saw ETH back in the red, as it dropped to $3084, before posting a significant recovery on Tuesday, rising over 5% and moving to $3241.
Ethereum Price Chart Indicates ETH Could Recover From Current Drop
The Ethereum price was quite bearish at the start of the previous week, dropping by nearly 2% on Monday. ETH registered a marginal recovery on Tuesday, rising by 0.52%, but fell back in the red on Wednesday. ETH fell by nearly 7% on Wednesday, as sellers drove the price down to $3536. The bearish trend continued on Thursday as well, with ETH dropping to $3408, where the 200-day SMA acted as support. ETH slipped below this level of support on Friday, dropping by over 6%, slipping below $3200, and settling at $3196.
Image: ETH/USD daily
The Ethereum price remained in the red over the weekend, falling by 3.58% and dropping to $3081 on Saturday. Despite the bearish sentiment, ETH was able to post a fairly strong recovery on Sunday, rising by 2.28% and settling at $3152. Monday saw ETH back in the red, as the price fell by 2.16% before making a solid recovery on Tuesday, rising by over 5% and moving to $3241. The current session sees ETH marginally down, but if the price can recover, we could also see the bearish MACD flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $3763. At this price level, over 634,000 addresses have sold more than 3.3 million ETH.
The 4-hour Ethereum price chart shows us that ETH had pushed up to $3221 on the 8th and then registered a sharp drop to $3027. ETH made a strong recovery from this level, as the price rose to $3128 and then moved to $3205 on the 9th. However, the 20-bar SMA came into play as resistance at this level, and ETH price fell back, dropping to $3103 and then to $3007. The price surged from this level, as it rose to $3129 and then went past the 20-bar SMA, rising to $3239 on the 11th. From this level, ETH moved to its current level of $3231.
We can see that the Parabolic SAR and MACD are both bullish, indicating that ETH could push higher.
Image: ETH/USD 4-hour
Metaverse Fans Are Paying $300,000 For A Virtual Property Instead Of Buying A Real House
As interest in the metaverse has grown, more and more investors have flocked to the virtual world in search of a piece of digital real estate that many believe will be the future of social networking, work, and entertainment.
Speaking with CNBC, CEO, and founder of Tokens.com, Andrew Kiguel, discussed why some investors are willing to spend millions of dollars for parcels of land. He noted:
“Prices have gone up 400% to 500% in the last few months.”
Although the land does not exist in the actual world, it does exist in the metaverse, and the opportunities are abundant there, according to the entrepreneur whose company recently spent almost $2.5 million in Decentraland (MANA).
The CEO added:
“The metaverse is the next iteration of social media. You can go to a music concert; you can go to a museum, all types of different experiences that you can explore and get immersed with.”
Elsewhere, Republic Realm CEO Janine Yorio, whose company had recently spent a record $4 million on a parcel of land on The Sandbox (SAND), revealed that last year, she sold over 100 private islands at $15,000 each on the platform.
“Today they’re selling for about three hundred thousand dollars each which coincidentally is exactly the same as the average home price in America.”
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has registered a marginal drop during the ongoing session. If ETH is unable to reverse this drop, we could see ETH slip below $3200. However, if ETH can recover from this drop, we could see the price push towards $3300.