Ethereum fails to reclaim $3.2K: A move towards $3K possible for ETH

Ethereum price analysis for Feb 17, 2022, confirms that the world’s second-biggest cryptocurrency was once again unable to push through the $3.2K price level and break above the major resistance of $3.3K. The token did turn $3.1K in support, as seen in our ETH price analysis for Feb 16, 2022. But, it is possible that traders might witness lower prices if bulls don’t take over. 

The data from CoinMarketCap shows that the trading volume of the token dropped 7.97% in the last 24 hours, followed by a 0.28% drop in the market cap. Moreover, the Market Dominance of the token rests at 18.88%, while the Volume / Market Cap Ratio stands at a value of 0.03231. 

The daily candle for Ethereum opened at a price of $3122 and reached a daily high of $3160. Moreover, the daily low for the token stands at $3118, while the price of 1 ETH at the time of writing stands at $3135. For now, $3.1K remains as support, but a surge in selling volume might cause the token to fall once again to $3K. 

Ethereum price analysis on the daily chart

Ethereum price analysis on the daily chart shows 3 indicators that will help us cumulatively form a future prediction of price trajectory.

Source: TradingView

The RSI line continues to make higher highs, but the gradient for today is slightly positive, which indicates that BTC might remain sluggish for today, unable to push through $45K.

The MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange), which confirms a bullish scenario for the token. Moreover, the MACD histogram is also bullishly filled with huge green bars.

On the other hand, the price action pushed above the middle zone of the Bollinger Bands, and now, the bulls aim to break out from the upper end of the Bands. 

Conclusion

Ethereum price analysis for Feb 17, 2022, concludes that if ETH is unable to push through $3.2K and towards $3.3K, ETH might revisit $3K.