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  • Ethereum price slide below the $3,600 major support level to drop 16% between September 04 and September 11.
  • Breaking above the current immediate resistance at $3,369 will bolster the smart contracts token bulls to revisit the all-time high above $4,650.
  • The IOMAP model by IntoTheBlock shows that ETH is currently sitting on strong support around $3,200.

Ethereum price is trading in the green at $3,287, down 3% in the last 24 hours as bulls try to undo the losses started on September 07. During the Tuesday crypto market flash crash, ETH fell by 14% to close the day around $3,430. The flash crash saw Ethereum lose as much as 26% to lows of around $2,954.

ETH tried to recover on Wednesday but the bears came back to the scene on Thursday as they were determined to push the price lower. If you are wondering how to buy ETH over the next week, read along to find out more.

Ethereum Price, The Week That Was

ETH/USD price is down approximately 16% from Saturday September 04 price at $3,884 to the current price at 3,287 above the $3,200 mark. The previous week, Ethereum price was bullish marked by a significant price rise three straight bullish sessions at the beginning and alternating bearish and bullish price actions towards the end. The ETH price rose by more than 29% during that week. Ethereum closed Saturday September 04 in the red around $3,880.

Ethereum price started the week on trading in greed as the bulls pushed the smart contract giant token to record an intraweek high which is also a four-month high of $4,090 on Sunday. Rejection by the $4,000 resistance level saw ETH turn bearish to drop to $3,918 on Monday.

Tuesday’s crypto market flash crash saw Ethereum price drop below the 50-day Simple Moving Average (SMA) at $3,000 to record a low of $2,954. Dropping below these this key technical level meant that the sellers were significantly controlling ETH. The long lower wick on Tuesday’s candle shows that the bulls were not ready to let go of the support provided by this technical level.

The two straight bearish sessions between Thursday September 09 and Friday September 10 saw ETH record lower lows to hold just above the $3,200 major support level. Bouncing off this support zone seems to be motivating the bulls who are trying to push the Ethereum price from above the immediate resistance at $3,369.

During this week ETH dropped 16%  and flipped $3600 resistance to support.  This has been the week’s downside.

ETH/USD Daily Chart

Ethereum price Daily Chart
Ethereum price Daily Chart. Source: Tradingview

Ethereum Price, The Week Ahead

The Ethereum price prediction for the week ahead remains bullish as it targets the all-time high above $4,650.

Note if Ethereum closes the day above immediate resistance at $3,369, the asset could jump above $3,600 psychological level after which a push to the May ATH range high around $4,650 would be the next logical move. This would represent almost a 40% gain from the current price.

This bullish outlook is accentuated by a number of technical indictors. For example, the Movign Average Convergence Divergence (MACD) indicator is movign above the zero line in the positive region. This is asn indication that Ethereums market momentum is bullish in the long-term. Moreover, the upwarde movement of the Relative Strength Index (RSI) indicator shows that the bulls are currently in control of the ETH price and are determined to push it higher.

A look at the daily chart also shows that ETH is sitting on strong support provided particularly by the 50-day SMA at $3,100, the 100-day SMA at $2,650 and the 200-day SMA at 2,500. This outlook is supported by on-chain metrics from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) Model which shows that Ethereum support downwards is relatively strong.

According to the IOMAP chart, the major support area around the $3,200 psychological level is within the $3,193 and $3,291 where approximately 1.4 million ETH were previusly bought by roughly 1.21 million addresses. This support is robust enough to counter any selling pressure aimed at pulling Ethereum further down.

Ethereum IOMAP Chart

Ethereum IOMAP Chart
Ethereum IOMAP Chart by IntoTheBlock

Note that closing the day below the immediate support at $3,200 ETH price would drop to seek support at the $3,100 level embraced by the 50-day SMA. A weekly closure below the 50-day SMA will push Ethereum lower towards the $2,800 mark and re-visit the 100-and 200-day SMAs at $2,650 and $2,500 respectively.

How to Buy ETH Now

If you want to trade the Ethereum over the coming week this week, you can do so on several crypto trading platforms such as eToro. eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.

Looking to buy or trade Ethereum now? Invest at eToro!

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