- The Ethereum price registered a marginal increase during the ongoing session after spending the week in the red.
- Support looks to be building at around $3100, and we could possibly see ETH stage a marginal recovery from this level.
The Ethereum price is marginally up during the current session, as ETH looks to reverse a bearish trend that has driven the price down significantly. ETH had registered a sharp fall on Wednesday, as the price fell by 6.56%. ETH continued to drop on Thursday, dropping to $3408. Friday saw ETH slip below the 200-day SMA and $3400, as the price dropped to $3196 after dropping over 6%. The weekend saw ETH continue to drop, falling by 3.58% and settling at $3081.
Ethereum Price Chart Indicates ETH Could Recover From $3100
The Ethereum price was quite bullish during the previous weekend, as it rose by 2.52% on Saturday, moving to $3767. The price continued to push higher, rising by 1.69% and settling at $3831. However, the price fell back in the red on Monday, dropping by 1.72% to $3765. On Tuesday, the price recovered, registering a marginal increase before falling back on Wednesday, dropping by nearly 7% and settling at $3536.
Image: ETH/USD daily
The Ethereum price continued to drop on Thursday, falling by 3.63% and settling at $3408, where the 200-day SMA acted as support. However, the price fell below this level, and the SMA on Friday, falling by over 6% and settling at $3916. The bearish sentiment persisted on Saturday, as ETH dropped by nearly 4% on Saturday, falling to $3081, before registering a marginal recovery during the current session.
We can see that the RSI shows ETH has slipped below 30, indicating that ETH is oversold. This means we could see the price recover as buyers enter the market.
Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $3507. At this price level, over 886,000 addresses have sold 1.8 million ETH.
Image: IntoTheBlock
The 4-hour Ethereum price chart shows us that ETH had registered a sharp drop on the 6th when the price dropped to $3652. ETH continued to drop from this level, dropping to $3347, before rising to $3447. However, ETH could not stay at this level, dropping to $3132 and then registering a marginal increase and settling at $3221. The price fell back once again, dropping to $3027, before moving to its current level of $3114.
We can see that the Parabolic SAR and MACD have both flipped to bullish, indicating that we could see the price push higher.
Image: ETH/USD 4-hour
Bloomberg Strategist: Bitcoin And Ethereum Price To Rise To These Levels In 2022
Bloomberg’s senior commodity strategist thinks both Bitcoin (BTC) and Ethereum (ETH) will surge in 2022 despite the crypto market’s recent struggles.
In a new analysis, Mike McGlone said BTC and ETH have solid bases to build on. He predicted they would remain dominant among cryptos in 2022, with Bitcoin moving toward $100,000 and Ethereum breaching $5,000. McGlone thinks Bitcoin is in a “consolidating bull market.” According to him, the US Federal Reserve’s new policies will be beneficial for BTC.
Federal Reserve officials have recently indicated they plan to scale back asset purchases and raise interest rates next year in an effort to fight inflation.
The Bloomberg analyst explained:
“Expectations for Federal Reserve rate hikes in 2022 may support a win-win scenario for Bitcoin vs. the stock market… A reason to take back liquidity is the fact that the S&P 500 is the most extended above its 60-month moving average in over two decades.
Stretched markets have become common, but commodities and Bitcoin appear to be early reversion leaders. It’s a question of bull-market duration, and we see the benchmark crypto coming out ahead.”
According to reports, a popular pseudonymous whale 'Light,' recently said they believe Bitcoin has reached a bottom, and traders who sell at current levels are making a mistake.
Ethereum Price Is Expected To Reach These Levels
Looking at the Ethereum price chart, we can see that ETH has registered a marginal increase during the ongoing session after spending the entire week in the red. If buyers can retain the session, ETH could push towards $3150-$3200.