Ethereum back at $2.5K support: Indicators show low chances of retaining

Cryptocurrency Price analysis and Prediction

March 14, 2022

Cryptocurrency Price analysis and Prediction

🚀 Stay Ahead with AltcoinDaily.co! 🌐

Ethereum price analysis for March 14, 2022, confirms that the world’s 2nd biggest crypto token has also turned bearish in the last 24 hours losing the $2.6K price level and is now back to the $2.5K support. The chances of retaining this support are very low as bears are bulls continue their massive showdown. The ETH price analysis for March 11 noted that now the nearest resistance for ETH is $2.6K.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 36.72% in the last 24 hours, and there was a 2.59% drop in the market cap. Another notable fact is that the Market Dominance of rests at 17.82%, as the Volume / Market Cap Ratio follows a value of 0.02985 today.

The daily candle for Ethereum opened at a price of $2515 and reached a daily high of $2546. Furthermore, the daily low for the token stands at a price of $2498. The current price of a single ETH token is $2527.

🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

Ethereum price analysis for March 14 on the daily chart

Ethereum price analysis for March 14, 2022, will be carried out using the most important and critical indicators on the daily chart for the token.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as chances of Ethereum turning bullish once again are low. The MACD histogram is also bearish.

The RSI line has a value of 42.53 as the gradient of the line is negative and chances of Ethereum breaking above $2.6K seem very low.

🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

Moreover, the price action is situated in the lower end of the Bollinger Bands as bears are in control and selling pressure is high. The chances of a bearish breakout are quite high.