- The Ethereum price has pushed up significantly during the current session, as ETH looks to push to $3800.
- ETH has been extremely bearish during the week and had registered a drop of over 6% on Tuesday.
The Ethereum price has pushed up significantly during the current session and is currently up by over 3%, as it reverses a bearish trend that started on Sunday. ETH started the week in the red, dropping by 0.67% on Monday. The price dropped further on Tuesday, falling by over 6%, slipping below the 20-day SMA, and settling at $3792. ETH remained in the red on Wednesday, falling by over 4% and settling at $3630 before pushing up during the current session.
Ethereum Price Chart Indicates ETH Looking To Push To $3800
The Ethereum price started the previous week on a positive note, rising by 0.45% on Monday and then rising by almost 2% on Tuesday, moving above $4000 and settling at $4019. Wednesday saw the price back in the red, dropping by 0.94%, before registering a sharp increase of over 3% on Thursday, pushing above the 20-day SMA and settling at $4111. Despite the bullish sentiment, ETH fell back on Friday, dropping to $4047, where the 20-day SMA acted as support.
Image: ETH/USD daily
After dropping to $4047 on Friday, the Ethereum price recovered on Saturday, rising by 1.24% and settling at $4097. However, the price fell back on Sunday by 0.78% and ended the weekend on a bearish note. Monday saw the bearish trend continue, as ETH dropped to $4038 before falling by over 6% on Tuesday, slipping below the 20-day SMA and settling at $3792. The price continued to drop on Wednesday, falling by over 4% to $3630, before recovering during the current session.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $4101. At this price level, over 2.4 million addresses have sold more than 10 million ETH.
Looking at the 4-hour Ethereum price chart, we can see that ETH had dropped to $4041 on the 25th. The price pushed up from this level, rising to $4097, before dropping to $4023, slipping below the 20-bar SMA. ETH pushed up from this level, rising to $4094, pushing back above the 20-bar SMA, before turning bearish, slipping below the 20 and 50-bar SMAs and settling at $3917 on the 28th. ETH continued to drop from this level, falling to $3630 on the 30th, before rising to its current level of $3717. We can see that the MACD and Parabolic SAR are both bearish, indicating that the price could drop.
Image: ETH/USD 4-hour
Ethereum Price Is Expected To Reach These Levels
The Ethereum price chart shows us that ETH has recovered during the current session. If sellers retake the session, we could see ETH drop back below $3700. However, if buyers retain the session, ETH could move towards $3800.