Ethereum at $2.7K: Traders getting frustrated with back and forth action

Ethereum price analysis for March 4, 2022, confirms that the token has turned bearish, and there is a chance that it might once again attempt to break into the $3K price level. It is also important to note that the ETH token aimed to break above the important price level of $2.9K as per our ETH price analysis for March 3. Furthermore, the chances of ETH gaining strength are not very high.

The data from CoinMarketCap shows that the trading volume of the token has dropped 10.46% in the last 24 hours, followed by a 7.09% drop in the market cap. Moreover, the Volume / Market Cap Ratio has a value of 0.04432, while the market dominance of the token dropped to 17.88%.

The daily candle for Ethereum opened at a price of $2947 and reached a daily high of $2970. Moreover, the daily low for the token rests at $2886, while the price of 1 ETH at the time of writing is $2901, which is around 40.72% low from the all-time high. 

Ethereum price analysis for March 4 on the daily chart

Ethereum price analysis for March 4 will be using three major indicators with the help of which we can predict the future price trajectory for ETH.

Source: TradingView

The MACD indicator shows that the MACD line remains above the RSI line, which means that the token is still following a bullish trajectory. 

The RSI line has a value of 45.9 and has dipped into the bearish region, where the struggle between the bulls and the bears continues. The gradient of the line is also negative for today, indicating a sell-off.

The price action has dropped below the middle zone of the Bollinger Bands, which means that the chances of ETH being bearish are very high.

Conclusion

The Ethereum price analysis for March 4 confirms that the token has turned bearish and a retracement towards $2.5K is possible.