Ethereum below $2,600: Indicators show that another dip might be coming

Ethereum price analysis for March 8, 2022, confirms that the token has turned bearish following a huge selling pressure, and now, it is below $2.6K. On the other hand, the $2.5K price level acts as support but chances are this won’t hold in the near future. As noted in our ETH price analysis for March 7, 2022, Ethereum might revisit lower $2K price levels in the near future. 

The data from CoinMarketCap shows that the trading volume of the token has risen by 52.38% in the last 24 hours, followed by a 0.56% drop in the market cap. Moreover, the Market Dominance of the token has fallen to 17.68%, while the Volume / Market Cap Rato has a value of 0.04801. 

The daily candle for ETH opened at a price of $2491 and reached a daily high of $2548. Furthermore, the daily low for the token stands at a price of $2480. Meanwhile, the price of 1 ETH at the time of writing stands at $2533. 

Ethereum price analysis for March 8 on the daily chart

The daily chart below uses three major indicators which are very important for the price prediction of any cryptocurrency including Ethereum.

Source: TradingView

The MACD indicator shows that the MACD line has broken below the important signal line which means that prices have turned bearish. The MACD indicator has also turned bearish.

The RSI line has a value of 40.99 which means that the selling pressure is high and the gradient of the line suggests that lower prices are possible in the near future. 

The price action for Ethereum has dropped to the lower end of the Bollinger Bands which means chances of ETH breaking above $2.6K are quite low. 

Conclusion

The Ethereum price analysis for March 8, 2022, can be confirmed on a bearish note for the token which might revisit the $2.3 price level in the near future following a surge in selling pressure.