Ethereum at $2.5K: The next step for ETH might be $2k

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Ethereum price analysis for Feb 22, 2022, confirms that the token has turned bearish following the huge surge in selling pressure. As noted in our ETH price analysis for Feb 21, this is a good time to buy ETH when the token is nearly 47.98% low from its all-time high witnessed on Nov 16, 2021, at nearly $4900. 

The data from CoinMarketCap shows that the trading volume of the token surged 47.95% in the last 24 hours, followed by a 7% drop in the market cap. Moreover, the value of the Volume / Market Cap Ratio currently stands at 0.06269, while the Market Dominance of the token rests at 18.39%.

The daily candle for Ethereum opened at a price of $2568 and reached a daily high of $2621. Furthermore, the daily low for the token stands at a price of $2518. It is also important to note that the price of 1 ETH at the time of writing is $2525. 

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Ethereum price analysis on the daily chart for Feb 22

Ethereum price analysis on the daily chart for Feb 22 confirms that the ETH token is bearish. However, we will include 3 major indicators to predict the future movement.

Source: TradingView

The MACD indicator shows that the MACD line (blue) continues to move below the signal line (orange), which is a bearish indication of prices. Moreover, the MACD histogram is also bearish. 

The RSI line shows a value of 35.97 which means that the bears are in control and it is possible that we might witness ETH fall more in the coming days. The gradient of the line is negative overall, indicating a move towards $2K in the near future. 

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The price action aims to fall down to the lower end of the Bollinger Bands which means that if selling volume continues to surge, we might witness a bearish breakout. 

Conclusion

Ethereum price analysis for Feb 22, 2022, confirms that ETH might continue on its bearish path in the near future and it is possible for ETH to reach as low as $2K. 

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