Ethereum fails to enter $2.7K price level: Buy and HODL ETH?

Ethereum price analysis for Feb 28, 2022, can be confirmed on a bearish note as the token has failed to claim the important price level of $2.7K. Moreover, the token hasn’t been able to push above the $3K price level since the bearish transition in early Feb. The Ethereum price analysis for Feb 25, from TheCoinRise, showed that the nearest support for the token has $2.5K. 

The data from CoinMarketCap shows that the trading volume of the token has surged 44.92% in the last 24 hours, followed by a 2.18% drop in the market cap. Moreover, the Volume / Market Cap Ratio has a value of 0.05121, while the market dominance of the token rests at 18.39%. It is important to note that the prices for ETH dropped by 3.54% in the last 24 hours. 

The daily candle for Ethereum opened at a price of $2616 and reached a daily high of $2680. Moreover, the daily low for the token rests at $2590, while the price of 1 ETH at the time of writing is $2630, which is around 46.02% low from the all-time high. 

Ethereum price analysis on the daily chart for Feb 28

Ethereum price analysis for Feb 28, 2022, will make use of 3 major indicators in the crypto space, which have huge popularity among traders.

Source: TradingView

The MACD indicator shows that the MACD line is very close to breaking above the signal line, which would mean the occurrence of a bullish divergence. 

The RSI indicator shows a value of 42.47, while the gradient of the line is still slightly negative. 

The price action is currently situated in the lower end of the Bollinger Bands, which means that the selling pressure is higher than the buying pressure. 

Conclusion

Ethereum price analysis for Feb 28, 2022, can be concluded on a bearish note as the token has failed to break above the $2.7K-$2.8K price level and enter the $3K price zone.