Ethereum downtrend continues: Indicators say that lower $2K possible

Ethereum price analysis for March 7 comes with a bearish analysis for the token as the ETH investors are worried about their investments. The token might revisit lower $2K price levels in the coming days if the situation remains the same. Moreover, the downtrend for ETH is clearly visible from our ETH price analysis for March 4, 2022.

The data from CoinMarketCap shows that the trading volume of the token has shot up by 26.49% in the last 24 hours, followed by a 4.48% drop in the market cap. Moreover, the Market Dominance of the token rests at 17.74%, while the Volume / Market Cap Rato has a value of 0.03128. 

The daily candle for ETH opened at a price of $2551 and reached a daily high of $2558. Furthermore, the daily low for the token stands at a price of $2512. Meanwhile, the price of 1 ETH at the time of writing stands at $2550. 

Ethereum price analysis for March 7 on the daily chart

The daily chart below uses three major indicators as the future for the token doesn’t seem very bright, and it is also important to note that BTC is outperforming ETH.

Source: TradingView

The MACD indicator shows that the MACD line has just dropped below the signal line, which means that bears are back once again. The MACD histogram has also turned bearish with red bars.

The RSI line shows a value of 40.96 which means that selling pressure is incredible right now in the market as ETH might drop below $2.5K in the near future. 

The price action is situated in the lower end of the Bollinger Bands, which means that the bears are in control, and the chances of losing the current support region are very high. 

Conclusion

The Ethereum price analysis for March 7 concludes on a bearish note for ETH investors as chances of vising $2.3K are very high. Investors should be ready to buy the dip.