- The Ethereum price is presently down by over 2% during the ongoing session.
- ETH was fairly positive over the weekend and had pushed up to $3349 on Sunday.
The Ethereum price slipped below $3300, with ETH currently down by over 2% as sellers look to drive it to $3200. ETH had dropped by almost 4% on Thursday before recovering on Friday and settling at $3309. The weekend saw ETH remain in the green as the price rose by 0.54% on Saturday and then by 0.65% on Sunday to end the weekend at $3349. However, despite the positive weekend, ETH fell back on Monday, starting the week on a bearish note.
Ethereum Price Chart Indicates ETH Could Drop Towards $3200
The Ethereum price was extremely bearish during the previous weekend, as it registered a drop of 3.58% on Saturday. The price recovered on Sunday, rising by 2.28% and ending the weekend at $3152. Monday saw ETH back in the red, as the price fell over 2% to $3084 but recovered on Tuesday, rising over 5% on Tuesday and settling at $3241. The bullish sentiment persisted on Wednesday, as the price rose to $3373 after registering an increase of over 4%.
Image: ETH/USD daily
After pushing up to $3373 on Wednesday, the Ethereum price fell back on Thursday, dropping by almost 4% and settling at $3241. However, the price recovered on Friday, rising by 2.10% and settling at $3309. The weekend saw ETH remain positive, with the price registering an increase of 0.54% on Saturday and then rising by 0.65% on Sunday to end the weekend at $3349. The week started on a bearish note for ETH, as the price dropped, with ETH currently down over 2% at $3272.
We can see that the MACD is currently bullish, but if the price drops further, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $3610. At this price level, over 708,000 addresses have sold more than 10 million ETH.
The 4-hour Ethereum price chart shows us that ETH had pushed up to $3383 on the 12th, pushing above the 50-bar SMA. However, the price fell back after reaching this level, dropping to $3241 on the 14th. After making a marginal recovery, the price fell back, dropping below the 20 and 50-bar SMAs and settling at $3203. The price pushed back up from this level, pushing back above the 50 and 20-bar SMAs and moving to $3310. With the 20-bar SMA now acting as support, ETH was able to push to $3363 before dropping to $3316 on the 16th. The 20-bar SMA came into play as support at this level, and the price pushed up to $3355 before slipping below the 20-bar SMA and moving to its current level of $3262.
We can see that the Parabolic SAR and MACD have both flipped to bearish, indicating that the price could drop further.
Image: ETH/USD 4-hour
NFT Platform OpenSea Hits Record $3.5B In Monthly Ethereum Volume
OpenSea, a popular marketplace for non-fungible tokens (NFTs), has recorded a new all-time high in monthly Ethereum trading volume, soaring past the $3.5 billion mark, according to data from Dune Analytics.
With two more weeks to go before the end of the month, OpenSea trading volume has now surpassed both the previous all-time of $3.42 billion recorded in August last year and the $3.24 billion in sales in December. OpenSea's January trading volume has topped $169 million each day so far, with the platform's largest single-day volume of $261 million recorded on January 9.
NFTs are cryptographically unique digital tokens providing proof of ownership for a wide range of tangible items that can be stored digitally and have a variety of use cases, including artwork, digital collectibles, music, and items in video games.
The latest boom in activity on OpenSea, the industry's leading NFT marketplace, comes amid the larger crypto market stagnating in recent weeks, with Bitcoin down by around 7% since the start of the year. Ethereum, the second-largest cryptocurrency by market cap, is down by around 14% over the past two weeks.
Bored Ape Yacht Club, which has an impressive number of celebrity owners, remains the most popular NFT collection on OpenSea in terms of trading volume, with 14,306 ETH (nearly $47 million in current prices) traded in 24 hours recently.
Earlier this month, OpenSea announced a $300 million Series C funding round led by venture capital firms Paradigm and Coatue. The latest financing brought the company's valuation to $13.3 billion, with the new capital to be used for new product development and expanding the team.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has registered a considerable drop during the ongoing session. If the price continues to drop, we could see ETH fall to $3200.