Despite forming 5 consecutive bullish daily candles, Ethereum fails to break above $3k

Ethereum price analysis for March 21, 2022, comes on a bearish note for the token as despite forming 5 consecutive bearish daily candles, the token has failed to breach the $3K price resistance. In order to confirm an uptrend, the ETH token needs to reclaim the $3.3K price level and made a move towards $3.8K-$4K. As noted in our Ethereum price analysis for March 18, 2022, the token turned $2.8K into minor support as nears are retesting this region.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 9.81% in the last 24 hours, and there was a 2.97% drop in the market cap. Furthermore, the Market Dominance has increased to 18.47%, as the Volume / Market Cap Ratio has a value of 0.03792.

The daily candle for Ethereum opened at a price of $2861 and reached a daily high of $2876. Moreover, the daily low for the token stands at a price of $2829. The current price of a single ETH token is $2845. 

Ethereum price analysis for March 21 on the daily chart

Ethereum price analysis for March 21 will be using the 3 most important indicators on the daily chart which will help us detect the future price action. 

Source: TradingView

The RSI indicator shows a value of 54.33 which means that the buying pressure is still high as the gradient of the line suggests that chances of a bearish drop are very high.

Moreover, the MACD indicator shows that the MACD line and the signal line are coming close. However, the former is still above the latter and the MACD histogram is also bullish.

Furthermore, price action is situated in the upper end of the Bollinger Bands which means that Ethereum might retest the middle zone of the Bands before falling below $2.8K.

Conclusion

Ethereum price analysis for March 21 concludes on a bearish note for ETH as chances of losing $2.8K seem pretty high.