Ethereum back to $3100 support: Time to buy more?

Ethereum price analysis on the daily chart for Feb 11, 2022, confirms that the token has fallen to the support at $3100 and failed to break into the $3300 price resistance. The daily candle for Feb 10 shows that ETH fell by more than 5%, as seen in our Ethereum price analysis for Feb 10. 

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 46.83% in the last 24 hours, followed by a 2.84% drop in the market cap. Moreover, the Volume / Market Cap Ratio of the token stands at a price of 0.05407, followed by a Market Dominance of 18.78%. 

The daily candle for Ethereum opened at a price of $3072 and reached a daily high of $3112. On the other hand, the daily low for Ethereum stands at a price of $3001. The nearest support for ETH holds at $3100.

Ethereum price analysis on the daily chart

Ethereum price analysis on the daily chart confirms that the world’s second-biggest cryptocurrency failed to break out of the upper end of the Bollinger Bands, and the token has since then seen a sluggish movement.

Source: TradingView

The RSI levels show that there has been a drop in buying pressure represented by a negative gradient on the chart below. On the whole, the RSI line is in the bullish zone and reads a value of $55.

Source: TradingView

The MACD indicator on the chart below shows that the MACD line (blue) continues to progress above the signal line (orange), which means that bulls remain in control and higher prices are possible.

Source: TradingView

Conclusion

On the whole, Ethereum price analysis can be concluded on a bearish note for Feb 11, 2022. Moreover, it seems like Ethereum is stuck below an important resistance of $3.3K, just like Bitcoin is stuck below $45K, as seen in our Bitcoin price analysis for Feb 11, 2022. It is also important to note that Ethereum began in Feb on a bullish note, as seen in our Ethereum price analysis for Feb 1, 2022.